Robbins Umeda LLP Announces an Investigation of Thomas & Betts Corporation
Robbins Umeda has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Thomas & Betts Corporation (NYSE: TNB) in connection with their efforts to sell the company to ABB Ltd. (NYSE: ABB). 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 January 30, 2012, it was announced that Thomas & Betts entered into a definitive merger agreement pursuant to which ABB will acquire all outstanding shares of Thomas & Betts common stock in an all-cash transaction. According to the terms of the deal, Thomas & Betts shareholders will receive $72.00 for each share of the company they own. The transaction is structured as a merger, requiring the approval of a majority of Thomas & Betts shareholders at a special meeting, which is expected to take place in the second quarter of 2012.
Robbins Umeda LLP’s investigation focuses on whether Thomas & Betts’ Board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s recent positive financial results. On January 30, 2012, Thomas & Betts announced financial results for the fourth quarter of 2011 that beat analyst expectations. The company reported diluted EPS of $1.00 on revenue of $603.63 million, while analysts polled by Bloomberg had been expecting EPS of $0.90 on revenue of $588.80 million. The company’s revenue figures represented a 13.4% increase compared to the fourth quarter of 2010. In the words of Dominic J. Pileggi, Thomas & Betts’ Chairman and Chief Executive Officer, “In a year filled with continued economic challenges, our strong performance demonstrates the fundamental strength of our businesses and the effectiveness of our strategies.”
In addition, the firm is investigating whether self-dealing and other employment guarantees played a part in the decision by Thomas & Betts’ Board to enter into the agreement with ABB. According to the terms of the deal, Dominic J. Pileggi will become the head of a new global ABB business unit upon closure of this transaction.
Robbins Umeda attorneys highlight that Thomas & Betts 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.