October 12, 2015 (Shareholders Foundation) - An investor who currently holds shares of Adept Technology Inc (NASDAQ:ADEP), filed a lawsuit in effort to halt the proposed takeover of Adept Technology Inc. by OMRON Corporation.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ADEP stockholders by agreeing to sell Adept Technology Inc too cheaply via an unfair process to OMRON Corporation.

On September 16, 2015, OMRON Corporation and Adept Technology Inc (NASDAQ:ADEP) announced that the two companies have entered into an agreement whereby OMRON will acquire Adept. OMRON plans to acquire 100% of the outstanding shares of Adept common stock through an all cash tender offer followed by a second-step merger. OMRON will offer Adept investors $13.00 per share of Adept common stock.

However, the plaintiff claims that the proposed consideration NASDAQ:ADEP shareholders will receive is grossly inadequate and undervalues Adept Technology Inc. Indeed, shares of Adept Technology Inc (NASDAQ:ADEP) reached as high as $20.09 per share in March 2014. The plaintiff says that Adept Technology Inc stock has been valued as high as $20 per share by analysts. In addition the p[plaintiff alleges that the process is unfair to NASDAQ:ADEP shareholders. The plaintiff claims that certain insiders who own 11.73 percent of the company stand to benefit from the merger to the tune of about $22 million.