Levi & Korsinsky, LLP Announces Class Action Lawsuit Against MSC.Software Corporation - MSCS
15 July 2009 - 4:52AM
Marketwired
Levi & Korsinsky announces that a class action lawsuit has been
filed in the Superior Court of the State of California challenging
the proposed acquisition of MSC.Software Corporation
("MSC.Software" or the "Company") (NASDAQ: MSCS). The complaint
arises out of an announcement by MSC.Software stating that it had
entered into a definitive merger agreement with Symphony Technology
Group and Elliott Management Corp. Under the terms of the
agreement, MSC.Software shareholders will receive $7.63 in cash for
each share of MSC.Software they own for a total transaction value
of approximately $360 million.
The price is unfair given that (i) the Company's shares traded
at $7.73 as recently as June 1, 2009 and over $10.70 per share in
the fourth quarter of 2008; (ii) the Company has $149 million in
cash (or $3.27 per share) with no debt and a book value in excess
of $7.00 per share; and (iii) analysts set a median price target
for MSC.Software stock at $8.75 per share with a high target of
$10.00 per share.
The companies expect to consummate the transaction in the third
quarter, subject to customary closing conditions, including all
necessary regulatory and stockholder approvals.
If you own common stock in MSC.Software and wish to obtain
additional information, please contact us at the number listed
below or visit http://www.zlk.com/mscs1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. Eduard
Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004
Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com
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