Spectrum Control, Inc.
Robbins Umeda LLP Is Investigating Spectrum Control, Inc. Acquisition for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of Spectrum Control, Inc. The 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 Spectrum Control (NASDAQGS: SPEC) in connection with their efforts to sell the Company to API Technologies Corp. (OTC BB: ATNY).
On March 28, 2011, Spectrum Control announced it has entered into a definitive merger agreement under which API Technologies will acquire all of the outstanding common shares of Spectrum Control. Under the current agreement, Spectrum Control shareholders will receive $20.00 in cash for each share of Spectrum Control common stock they hold.
The investigation is focused on whether Spectrum Control’s board is undertaking a fair process to obtain maximum value for its shareholders. Of particular note, the Board has agreed to have Spectrum Control pay API Technologies $9.15 million if the acquisition does not go through under certain circumstances, such as the Board agreeing to a higher offer for the company.
If you own stock in Spectrum Control and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.