DALLAS, Dec. 1, 2011 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe
and the securities litigation firm of Powers Taylor, LLP are
investigating the sale of Magma Design Automation Inc. ("Magma
Design" or "LAVA") (NASDAQ: LAVA) to Synopsys for
shareholders. Under the proposed acquisition agreement, Magma
Design shareholders will receive only $7.35 in cash for each share of Magma Design
stock owned, which is well below the price that Magma Design shares
traded as recently as August 2011 and
significantly lower than analysts' target prices for the
company.
(Logo: http://photos.prnewswire.com/prnh/20111111/DA05320LOGO)
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
The definitive acquisition agreement involves an all cash
transaction valued at approximately $507
million. The transaction is expected to close in the
second quarter of 2012.
The investigation centers on whether Magma Design shareholders
are receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues Magma Design's stock, and
whether Magma Design's board attempted to obtain the highest share
price for all shareholders prior to agreeing to the deal.
According to shareholder rights attorney Willie Briscoe, "Based on the fact that Magma
Design shares closed as high as $8.50
per share as recently as July 2011,
and the fact that analysts have set the target price for Magma
Design/LAVA shares at up to $11.00
per share, we are concerned that the transaction may significantly
undervalue Magma Design stock. Our lawsuit will seek to
obtain the highest share price for all shareholders."
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP
