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Spectrum Control, Inc. Investor Investigation Over Potential Breaches Of Fiduciary Duties

  • If you purchased shares of Spectrum Control, Inc. (NASDAQ:SPEC) prior to the announcement and currently hold those NASDAQ: SPEC shares, and/or if you 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
Spectrum Control, Inc.
Security
NASDAQ: SPEC

Summary

After Spectrum Control, Inc. announced it agreed to a takeover by API Technologies Corp. an investigation on behalf of investors in Spectrum Control, Inc. (NASDAQ:SPEC) over possible breaches of fiduciary duty was announced.

The investigation by a law firm concerns whether certain directors and officers at Spectrum Control, Inc. (NASDAQ SPEC) or others breached their fiduciary duties in connection with proposed takeover.

On Mondya, March 28, 2011, Spectrum Control, Inc. (Nasdaq: SPEC) and API Technologies Corp. (OTC Bulletin Board: ATNY) announced that they have entered into a merger agreement providing for the cash acquisition of Spectrum Control, Inc by API Technologies Corp. Pursuant to the terms of the definitive agreement, API Technologies Corp will acquire 100% of the issued and outstanding equity of Spectrum Control, Inc for $20.00 per share for a total purchase price of approximately $270 million.

Indeed, following the takeover news shares of Spectrum Control, Inc. (Public, NASDAQ:SPEC) jumped from $14.40 per share on Friday to $19.70 on Monday.

However, Spectrum Control, Inc. has performed well in the past for its investors. Spectrum Controls 52week Total Revenue went from $136.54milion reported on Nov. 30, 2007 to $163.94million reported on Nov. 30, 2011. Its Net Income rose over the same time frame from $11.14million to $12.84million.


Therefore the investigation monitors and concerns whether Spectrum Control Board of Directors undertook an adequate and fair sales process to obtain the maximized consideration for all shareholders of Spectrum Control, Inc. (NASDAQ:SPEC) and breached their fiduciary duties to Spectrum Control (SPEC) investors by failing to adequately shop the Company before entering into the transaction. The investigation concerns also whether API Technologies Corp. would underpay for NASDAQ:SPEC shares, thus unlawfully harming SPEC investors. A potential class action lawsuit would seek to maximize the amount of money and information for NASDAQ SPEC stockholders would receive in a buyout, so the law firm.

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