MERION, Pa., April 21, 2016
/PRNewswire/ -- The Law Offices of Marc S. Henzel (www.henzellaw.com), a firm
focusing on shareholder litigation, gives notice to shareholders of
investigation into the following securities for violations of the
Federal Securities Laws:
Cvent Inc. (NYSE: CVT) 4/18/16
The firm is investigating potential claims against the Board of
Directors of Cvent, Inc. (NYSE: CVT) for possible breaches of
fiduciary duty and other violations of state law in connection with
the sale of the Company to affiliates of Vista Equity Partners.
("Vista").
Under the terms of the transaction, Cvent shareholders will
receive only $36.00 in cash for each
share of Cvent stock they own. The investigation concerns whether
the Board of Cvent breached their fiduciary duties to shareholders
and whether Vista is underpaying for the Company. The transaction
may undervalue the Company and would result in no real gain or a
loss for many Cvent shareholders.
Lexmark International Inc. (NYSE: LXK) 4/19/16
The firm is investigating potential claims against the Board of
Directors of Lexmark International, Inc. (LXK) concerning the sale
to a consortium of investors led by Apex Technology Co., Ltd and
PAG Asia Capital. Under the terms of the agreement, Lexmark
shareholders will only receive $40.50
for each share owned, which is almost no premium over the 52-week
high.
The investigation centers on whether Lexmark's Board of
Directors is acting in the shareholders' best interests, whether
the board considered alternatives to the acquisition, and whether
the board has employed an adequate process to review and act on the
proposed transaction.
Polycom, Inc. (Nasdaq: PLCM) 4/14/16
The firm is investigating potential claims against the Board of
Directors of Polycom, Inc. (PLCM) for possible breaches of
fiduciary duty and other violations of state law in connection with
the sale of the Company to Mitel Networks Corporation.
Under the terms of the transaction, Polycom shareholders will
receive only $3.12 in cash and 1.31
shares of Mitel Networks stock for each share of Polycom stock they
own. The transaction values Polycom stock at only approximately
$13.68 per share. The investigation
concerns whether the Board of Polycom breached their fiduciary
duties to shareholders and whether Mitel Networks is underpaying
for the Company. The transaction may undervalue the Company and
would result in no real gain or a loss for many Polycom
shareholders.
Rofin-Sinar Technologies Inc. (Nasdaq: RSTI) 4/16/16
The firm is investigating potential legal claims against the
board of directors of ROFIN-SINAR Technologies, Inc. (NASDAQ GS:
RSTI) regarding possible breaches of fiduciary duties and other
violations of law related to the Company's entry into an agreement
to be acquired by Coherent, Inc. (NASDAQ GS: COHR), in a
transaction valued at approximately $942
million.
Under the terms of the agreement, shareholders of ROFIN will
receive $32.50 in cash for each share
of ROFIN common stock.
The investigation concerns whether ROFIN's board of directors
failed to adequately shop the Company and obtain the best possible
value for ROFIN shareholders before entering into an agreement with
Coherent.
Platform Specialty Products Corporation (NYSE: PAH)
2/17/15 thru 3/14/16
The firm is investigating potential violations of the federal
securities laws by Platform Specialty Products Corporation (NYSE:
PAH).
On March 11, 2016, Platform
disclosed in its 2015 Annual Report on Form 10-K that the Company
had "discovered certain payments made to third-party agents in
connection with Arysta's government tender business in West Africa which may be illegal or otherwise
inappropriate" and had "engaged outside counsel and an outside
accounting firm to conduct an internal investigation to review the
legality of these and other payments . . . including Arysta's
compliance with the FCPA." On this news, the price of Platform
stock fell $0.28 per share, or 3.16%,
to close at $8.57 per share on
March 14, 2016, the following trading
day.
On March 14, 2016, shortly before
the end of trading, The Wall Street Journal published an article
addressing Platform's March 11, 2016
disclosures entitled "Chemical Company Notifies U.S. of West Africa
FCPA Probe." On this news, the price of Platform stock fell another
$0.62 per share, or 7.23%, to close
at $7.95 per share on March 15, 2016.
Precision Castparts Corp. (NYSE: PCP)
5/9/13 thru 1/15/15
The firm is investigating potential violations of the federal
securities laws by Precision Castparts Corp. (NYSE: PCP).
On July 24, 2014, the Company
announced its first quarter fiscal 2015 financial results, which
missed consensus estimates. This caused the price of Precision
shares to fall over 5% to a close of $236.21 per share on July
24, 2014. On October 23, 2014,
Precision announced its second quarter 2015 results, again missing
consensus estimates. The Company blamed the poor earnings on a
temporary decline in sales, stating that demand would reappear in
the near future. This second earnings miss caused the Company's
stock price to decline another 2% to a close of $226.20 per share on October 23, 2014. Then on January 15, 2015, Precision pre-announced its
third quarter 2015 financial results, once again missing estimates.
This third earnings miss in as many quarters caused a 9% decline in
Precision's stock price, which fell to less than $200 per share on January
16, 2015,
Tailored Brands, Inc. (NYSE: TLRD) 6/18/14 thru 12/9/15
The firm is investigating potential violations of the federal
securities laws by Tailored Brands, Inc. (Nasdaq: TLRD).
On June 18, 2014, the Company
announced the completion of its acquisition of Jos. A. Bank for
$65.00 per share in cash.
Douglas Ewert, President and Chief
Executive Officer of Tailored Brands (at the time known by its
former name, The Men's Wearhouse, Inc.), touted the synergies and
benefits of the acquisition and stated that the "combined company
has increased scale and breadth that broadens [the company's]
best-in-class offerings for [its] valued customers and new
customers alike." On that day, the Company's shares closed at
$55.86 per share.
On November 5, 2015, the Company
announced its preliminary third quarter results and updated its
fiscal year 2015 outlook, reporting that comparable sales at Jos.
A. Bank had decreased 14.6% during the third quarter and lowering
its expected earnings per share from $0.87 to between $0.46 and
$0.51 per share. As a result of these announcements,
Tailored Brands shares collapsed, falling $19.40 per share to close at $22.70 per share, a 48% decline in the stock's
price.
Then on December 9, 2015, after
the markets closed, the Company released third quarter earnings
that were even worse than previously expected. The Company stated
that "if the Jos. A. Bank trend continues through the remainder of
the [fourth] quarter, the Company runs the risk of missing the
lower end of the guidance given on November
5, 2015." On this news, the price of Tailored Brands shares
fell $3.30 per share to close at
$15.27.
TerraForm Power, Inc. (Nasdaq: TERP) 3/7/15 thru
3/15/16
The firm is investigating potential violations of the federal
securities laws by TerraForm Power, Inc. (Nasdaq: TERP).
On October 5, 2015, SunEdison
announced it was laying off 15% of its workforce and that it would
take restructuring charges of $30-$40
million in the third quarter of 2015 through the first
quarter of 2016. The Wall Street Journal reported the next day that
SunEdison had failed to make a required $400
million upfront payment for a roughly $700 million planned acquisition. Through this
and other disclosures, it became apparent that SunEdison was
over-leveraged and lacked the cash to sustain its
acquisition-driven, yield co-dependent business model.
On February 29, 2016, SunEdison
announced that it was delaying the filing of its fiscal year 2015
Form 10-K with the SEC, citing "(1) the need to complete all tasks
and steps necessary to finalize the annual financial statements and
the other disclosures required to be included in that filing, and
(2) ongoing inquiries and investigations by the Audit Committee . .
. relating to allegations concerning the accuracy of SunEdison's
anticipated financial position." SunEdison stated that it expected
to file its Form 10-K by March 15,
2016. The same day, TerraForm announced that it was delaying
the filing of its fiscal year 2015 Form 10-K with the SEC and also
expected to file the Form 10-K by March 15,
2016. TerraForm cited only "the need to complete all steps
and tasks necessary to finalize the Company's annual financial
statements and other disclosures required to be in the filing."
Then on March 16, 2016, SunEdison
announced a further delay in the filing of its Form 10-K beyond the
extended due date of March 15, 2016,
after "the identification by management of material weaknesses in
its internal controls over financial reporting." TerraForm also
announced a further delay in the filing of its Form 10-K beyond the
extended due date of March 15, 2016,
stating it had identified material weaknesses in its internal
controls over financial reporting. On this news, the price of
TerraForm stock fell $0.83 per share,
or 7.8%, to close at $9.72 per share
on March 16, 2016.
If you would like to learn more about the investigation of these
companies, would like to learn more about any potential claims or
you wish to discuss these matters and have any questions concerning
this announcement or your rights, please contact Marc S. Henzel (610) 660-8000, email at
Mhenzel@Henzellaw.com, or to sign up online, visit the firm's
website at www.henzellaw.com.
The Law Offices of Marc S. Henzel
is a national shareholder litigation firm representing shareholders
& investors in various areas of securities laws including but
not limited to: class actions, derivatives, transactional
(buyouts/takeovers/mergers) and FINRA & NYSE Arbitrations.
Contact:
Law Offices of Marc S. Henzel
Marc S. Henzel
Email: Mhenzel@Henzellaw.com
Phone 610-660-8000
Website: www.henzellaw.com
LAW OFFICES OF MARC S. HENZEL
MERION STATION, PA 19066
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