Robbins Umeda LLP Announces an Investigation of FSI International, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of FSI International, Inc. (NASDAQ: FSII) in connection with their efforts to sell the company to Tokyo Electron Ltd. (Tokyo: 8035). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On August 13, 2012, FSI announced that it had entered into a definitive merger agreement to be acquired by Tokyo Electron. According to the terms of the deal, Tokyo Electron will acquire FSI for $6.20 per share in cash. The acquisition has already been unanimously approved by the boards of directors of both companies. The transaction is expected to close in calendar year 2012.
Robbins Umeda LLP’s investigation focuses on whether the board of directors at FSI is undertaking a fair process to obtain maximum value and adequately compensate its shareholders. There are at least three analyst price targets for FSI that are higher than the current offer of $6.20 per share, with both Dougherty & Company LLC and Craig-Hallum Capital Group LLC maintaining a price target of $7.50.
Moreover, on June 19, 2012, FSI reported financial results for the third quarter of 2012 that exceeded analyst projections and represented substantial increases over 2011 figures. Specifically, FSI reported a total earnings per share of $0.26, which beat analyst estimates of $0.21 by over 23%. Further, total revenue for the quarter of $50.7 million represents an increase of over 98% over total revenues of $25.6 million during the same quarter of the previous year. In addition, deferred revenue was $34.4 million as compared to $21.2 million at the end of fiscal 2011.
Given these impressive financial results and higher target prices, Robbins Umeda LLP is examining the board’s decision to sell FSI now rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects.
Robbins Umeda LLP attorneys highlight that FSI shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.