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Brightpoint, Inc. (NASDAQ:CELL) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Connection With The Proposed Merger

  • If you purchased shares of Brightpoint, Inc. (NASDAQ:CELL) prior to July 2, 2012, and currently hold any of those NASDAQ:CELL shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Brightpoint, Inc.
Security
NASDAQ: CELL

Case Name
Brightpoint Deal Case 07/27/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

July 30, 2012 (Shareholders Foundation) -- An investor in NASDAQ:CELL shares filed a lawsuit in effort to stop the proposed takeover of Brightpoint, Inc. by Ingram Micro Inc. (NYSE:IM) at $9.00 per NASDAQ:CELL share.
The plaintiff alleges that the defendants breached their fiduciary duties owed NASDAQ:CELL investors by agreeing to sell the company too cheaply at an unfair process to Ingram Micro.

On July 2, 2012, Ingram Micro Inc. (NYSE:IM) and Brightpoint, Inc. (Nasdaq:CELL), announced that they have entered into an agreement under which, subject to customary closing conditions, Ingram Micro will acquire all of the outstanding shares of BrightPoint common stock for $9.00 per share in cash.

However, the plaintiff says that the $9offer is unfair to NASDAQ:CELL stockholders and undervalues the company. Indeed, shares of Brightpoint, Inc. (NASDAQ:CELL) traded in February at $11.99 per share, thus well above the current offer. In addition, at least one analyst has set the High Target Price for NASDAQ:CELL shares at $12.00 per share.

Furthermore, so the lawsuit, BrightPoint Inc violated SEC rules by leaving pivotal information out of a proxy statement ahead of its proposed sale. The plaintiff alleges that the proxy statement BrightPoint Inc delivered to its shareholders July 19, 2012 was replete with material omissions and misstatements.