Rigrodsky & Long, P.A. Investigates Ulticom, Inc. Buyout
13 October 2010 - 8:53AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Ulticom, Inc.
(“Ulticom” or the “Company”) (Nasdaq:ULCM) concerning possible
breaches of fiduciary duty and other violations of law related to
the Company’s entry into an agreement to be acquired and taken
private by affiliates of Platinum Equity, LLC (“Platinum”) in a
cash transaction. Click here to learn how to join the action:
http://www.rigrodskylong.com/news/UlticomInc-ULCM.
Under the proposed agreement, Ulticom’s public shareholders will
receive $2.33 per share in cash, after payment of a special
dividend by the Company of $5.74 per share. Shares held by
Ulticom’s controlling shareholder, Comverse Technology, Inc.
(“Comverse”) will be purchased by Platinum pursuant to a separate
share purchase agreement immediately prior to the closing of the
merger. The special dividend is subject to shareholder approval of
the transaction and will be paid prior to the purchase of the
Comverse shares and the merger, to shareholders of record at the
close of business on November 24, 2010.
The investigation concerns whether Ulticom’s board of directors
failed to adequately shop the Company and obtain the best price
possible for Ulticom’s shareholders before entering into the
agreement with Platinum. Indeed, according to Yahoo! Finance, at
least one analyst has set a price target of $8.50 per share for
Ulticom stock.
If you own the common stock of Ulticom and purchased your shares
before October 12, 2010, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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