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If you purchased shares of FSI International, Inc. (NASDAQ:FSII) prior to August 13, 2012, and currently hold any of those NASDAQ:FSII shares, 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 case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Aug. 27, 2012 (Shareholders Foundation) -- An investor in NASDAQ:FSII shares filed a lawsuit in effort to block the proposed buyout of FSI International, Inc. at $6.20 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to FSII stockholders arising out of the attempt to sell the company via an unfair process too cheaply to Tokyo Electron Limited.
On August 13, 2012, Tokyo Electron Limited and FSI International, Inc announced that they have entered into an agreement under which Tokyo Electron Limited will acquire FSI International, Inc for $6.20 per share in cash, or an aggregate equity purchase price of approximately $252.5 million.
However, the plaintiff claims that $6.20offer is unfair to stockholders and undervalues the company. In fact, at least one analyst has set the high target price for NASDAQ:FSII shares at $7.50 per share.
Furthermore, so the plaintiff, the $6.20-per-share offer fails to account for FSI’s positive financial outlook. Indeed, FSI International’s performance improved lately. Its Total Revenue rose from $50.48 million for the 12 months period that ended on August 29, 2009, to $96.88 million for the 12 months period that ended on August 27, 2011 and its Net Loss of $17.62 million for the 12 months period that ended on August 29, 2009, turned into a Net Income of $8.32 million for the 12 months period that ended on August 27, 2011.