Robbins Umeda LLP Announces an Investigation of the Acquisition of INX Inc. by Presidio, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of INX Inc. (NASDAQ: INXI) in connection with their efforts to sell the company to Presidio, Inc.
On November 1, 2011, INX announced that it had entered into a definitive merger agreement pursuant to which Presidio will acquire all outstanding shares of the company in an all-cash transaction. According to the terms of the deal, shareholders will receive $8.75 for each share of INX they own. The transaction is expected to close in early 2012.
Robbins Umeda LLP’s investigation focuses on whether INX’s board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s positive financial results. On August 15, 2011, INX announced record revenues and gross profit for the second quarter of fiscal year 2011. The company reported record quarterly revenue of $116.9 million, a 39.1% increase over the same period during the previous year. Additionally, INX announced that gross profit on total revenue increased 35% to $23 million, compared to only $17.1 million in the second quarter of the previous year.
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