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Mon, November 22, 2010
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The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Hypercom
NEW YORK--([ BUSINESS WIRE ])--The Law Office of Abe Shainberg is investigating the Board of Directors of Hypercom Corporation (NYSE: HYC) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to VeriFone Systems, Inc. (NYSE: PAY). Under the terms of the all-stock transaction, Hypercom shareholders will receive a fixed ratio of 0.23 shares of VeriFone common stock for each share they own for a total transaction value of approximately $485 million. The transaction values Hypercom shares at approximately $7.32 per share based on the closing price of VeriFone stock on November 16, 2010.
The investigation concerns whether the Hypercom Board of Directors breached their fiduciary duties to Hypercom stockholders by failing to adequately shop the Company before entering into this transaction and whether VeriFone is underpaying for Hypercom shares. At least one analyst set a price target for Hypercom stock at $9.00 per share.
If you own common stock in Hypercom and wish to obtain additional information, please contact Abe Shainberg, Esq. either via email at [ as@ashainberglaw.com ] or by telephone at (212) 425-7286, or visit [ http://www.ashainberglaw.com/hypercom-hyc.html ].
Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide.