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Isilon Systems, Inc. Directors Under Investor Investigation

  • If you are a current investor in Isilon Systems, Inc. (NASDAQ:ISLN) and purchased your ISLN shares prior to the takeover announcement, and/or have any information relating the investigation, 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 investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Investigation Overview

Company
Isilon Systems Inc
Security
NASDAQ: ISLN

Acquiring Company
EMC Corporation
Summary

An investigation on behalf of investors of Isilon Systems, Inc. (NASDAQ:ISLN) was initiated after Isilon Systems, Inc. announced it has agreed to be taken over by EMC Corporation. The investigation concerns whether the offered price and sale process are unfair to ISLN investors and constitute breaches of fiduciary duties.

The investigation by law firms concern whether EMC Corp. Isilon Systems, Inc. and certain of its officers and directors breached their fiduciary duties owed to Isilon Systems, Inc. (NASDAQ:ISLN) investors in connection with the proposed takeover.

Seattle, Washington based Isilon Systems, Inc announced on Monday, November 15, 2010, announced the signing of an agreement with EMC Corp. under which EMC Corporation (NYSE: EMC) will acquire Isilon Systems, Inc. (Nasdaq: ISLN) for $33.85 per ISLN share in cash or an aggregate purchase price of approximately $2.25 billion, net of Isilons existing cash balance.
Shares of Isilon Systems, Inc. were up almost 30% in response to the takeover news. Isilon Systems, Inc. shares (ISLN) traded on Friday at roughly $26.50 per share and jumped to its current 52weekHigh of $33.80 per share on Monday.

But the investigations by a law firm concerns whether the offered price undervalues Isilon Systems, Inc. and the sale process is unfair to the shareholders of Isilon Systems, Inc. (Public, NASDAQ:ISLN).

Isilon Systems 12 month Total Revenue doubled from $61.21million in 2006 to $123.91million in 2009. For the first three quarters in 2010 Isilon Systems reported $39.25million, $45.09million, and $53.85million. Isilon Systems announced a combined Net Income for the first three quarters of $7.11million.

Therefore the investigations concern whether the Isilon Systems Board of Directors undertook an adequate and fair sales process to obtain fair consideration for all shareholders of Isilon Systems, Inc. (NASDAQ:ISLN) and breached their fiduciary duties to Isilon Systems (NASDAQ:ISLN) shareholder by failing to adequately shop the Company before entering into the transaction with EMC Corp.

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