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If you are a current investor in C&D Technologies, Inc. (Public, PINK:CHHP) and purchased your C&D Technologies, Inc. (Public, PINK:CHHP shares prior to the announcement, and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
After C&D Technologies announced that it received a proposal to be taken over by affiliates of Angelo, Gordon & Co., LP, at $9.50 per share in cash an investigation on behalf of investors of C&D Technologies, Inc. (PINK:CHHP) was initiated concerning whether the offer to take C and D Technologies, Inc. and the sale process would be unfair to investors of C&D Technologies (CHHP) and whether certain of its officers and directors or others breach their fiduciary duties owed investors in PINK: CHHP shares.
The investigation by a law firm concerns whether the C&D Technologies, certain of its officers and directors, and/or others breached their fiduciary duties owed to C&D Technologies (PINK: CHHP) investors in connection with the proposed takeover.
On Thursday, June 16, 2011, C&D Technologies, Inc. (OTC: CHHP) announced that early the same day it had received a non-binding proposal for a going private transaction from affiliates of Angelo, Gordon & Co., LP, at $9.50 per share in cash.
Following the takeover announcement CHHPstock rose from $8.24 on Wednesday to $9.45 on Thursday.
However, since Angelo, Gordon & Co., LP already holds approximately 65% of C&D Technologies' common stock,
the investigation concerns whether the C&D Technologies Board of Directors unterdtakes an adequate and in particular breachtheir fiduciary duties to the C&D Technologies (CHHP) shareholder by failing to adequately shop the Company before entering into the transaction.
The investigation concerns also whether affiliates of Angelo, Gordon & Co., LP would underpay for PINK:CHHP shares, thus unlawfully harming C&D Technologies stockholders.
In fact, C&D Technologies, Inc. performance has been improving lately. C&D Technologies, Inc. was able to increase its annual Revenue from $335.71million for 12months ending on Jan 31, 2010 to $354.83million for 12 months ending on January 31, 2011. It was also able increase its 3months Revenue from $84.70million ending on April 30, 2010 to $88.31million ending on April 30, 2011.
Therefore a potential securities class action lawsuit would seek to maximize the amount of money and information PINK:CHHP shareholders would receive in a buyout, so the law firm.
