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Ultratech, Inc. (NASDAQ:UTEK) Investor Lawsuit Against Acquisition By Veeco Instruments Inc Filed

  • If you purchased shares of Ultratech, Inc. (NASDAQ:UTEK) and currently hold any of those NASDAQ:UTEK 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
Ultratech, Inc.
Security
NASDAQ: UTEK

Case Name
Ultratech Deal Case 03/24/2017
Type of Lawsuit
Mergers and Acquisition
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Summary

March 24, 2017 (Shareholders Foundation) - An investor, who currently holds shares of Ultratech, Inc. (NASDAQ:UTEK), filed a lawsuit in effort to halt the proposed takeover of Ultratech, Inc. by Veeco Instruments Inc for a value of approximately $28.64 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:UTEK stockholders by agreeing to sell Ultratech, Inc. too cheaply via an unfair process to Veeco Instruments Inc

On February 2, 2017, Veeco Instruments Inc. and Ultratech, Inc. (NASDAQ:UTEK) announced that they have signed an agreement for Veeco Instruments Inc. to acquire Ultratech, Inc. (NASDAQ:UTEK). Under the terms of the transaction Ultratech, Inc. (NASDAQ:UTEK) shareholders will receive $21.75 per share in cash and 0.2675 of a share of Veeco common stock for each Ultratech common share outstanding. Based on Veeco's closing stock price on February 1, 2017, the transaction consideration is valued at approximately $28.64 per Ultratech share.

However, plaintiff claims that the proposed consideration NASDAQ:UTEK shareholders will receive is grossly inadequate and undervalues Ultratech, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:UTEK shares at $30.00 per share. Ultratech, Inc. reported that its annual Total Revenue rose from $149.18 million in 2015 to $194.05 million in 2016 and that its Net Loss of $15.13 million in 2015 turned to a Net Income of $11.24 million in 2016. In addition, the plaintiff alleges that the process is also unfair NASDAQ:UTEK stockholders.