Robbins Umeda LLP Is Investigating TomoTherapy, Inc. Acquisition for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is investigating possible breaches of fiduciary duty and other violations of state law by members of the board of directors of TomoTherapy, Inc. (NASDAQ: TOMO) in connection with their efforts to sell TomoTherapy to Accuray Inc. (NASDAQ: ARAY).
If you own stock in TomoTherapy and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at email@example.com.
On March 7, 2011, TomoTherapy and Accuray announced that they have signed a definitive merger agreement under which Accuray will acquire all of the outstanding shares of TomoTherapy. Under the current agreement, TomoTherapy shareholders will receive $3.15 and 0.1648 of Accuray common stock for each share of TomoTherapy stock they own. The transaction is expected to close in the second or third quarter of 2011.
The investigation seeks to determine whether TomoTherapy’s board of directors undertook a fair process to obtain maximum value for its shareholders. Analysts have set a price target as high as $5.00 for TomoTherapy. In addition, TomoTherapy’s recent financial results handedly beat Wall Street consensus estimates. In particular, on February 18, 2011, TomoTherapy reported sales of $62.1 million compared to consensus of $50.7 million.