Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Nu Horizons Elec...
20 Septiembre 2010 - 7:13PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Nu Horizons Electronics Corp. (“Nu Horizons” or the “Company”)
(NasdaqGM: NUHC) for possible breaches of fiduciary duty and other
violations of state law in connection with their attempt to sell
the Company to Arrow Electronics, Inc. ("Arrow") (NYSE: ARW). Under
the terms of the transaction, Nu Horizons shareholders will receive
$7.00 in cash for each share of Nu Horizons common stock they own
for a total transaction value of approximately $130 million.
For the quarter ending May 31, 2010, the Company reported total
revenues of $210.762 million and net income of $3.374 million as
compared to total revenue and a net loss of $186.922 million a
$2.546 million for the prior quarter. The investigation concerns
whether the Nu Horizons Board of Directors breached their fiduciary
duties to Nu Horizons stockholders by failing to adequately shop
the Company before entering into this transaction and whether Arrow
is underpaying for Nu Horizons shares, thus unlawfully harming Nu
Horizons stockholders.
If you own common stock in Nu Horizons and wish to obtain
additional information, please contact Joseph E. Levi, Esq. either
via email at jlevi@zlk.com or by telephone at (212) 363-7500 or
visit http://www.zlk.com/nuhorizons-nuhc.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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