Brower Piven Announces Class Action Lawsuit in Connection With the Acquisition of Sonic Solutions by Rovi Corporation
21 Enero 2011 - 12:29PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the California Superior Court,
Marin County, on behalf of all shareholders of Sonic Solutions
("Sonic") (NASDAQ: SNIC).
The claims asserted in the complaint arise from the proposed
buyout of Sonic by Rovi Corporation ("Rovi"). On December 22, 2010,
Sonic entered into an Agreement and Plan of Merger and
Reorganization with Rovi and Sparta Acquisition Sub, Inc., a
wholly-owned subsidiary of Rovi. Pursuant and subject to the terms
of the merger agreement, Sonic shareholders may elect to receive
either $14.00 or 0.2489 shares of Rovi common stock for each share
they own of Sonic common stock.
The complaint alleges that the members of Sonic's board of
directors breached their fiduciary duties of care and loyalty by,
among other things, failing to maximize shareholder value and by
approving the merger transaction via an unfair process. The
complaint alleges that Rovi and Sparta Acquisition Sub aided and
abetted the breach of fiduciary duties. The complaint seeks to
enjoin the acquisition of Sonic by Rovi, rescission of the
transaction in the event it is consummated, imposition of a
constructive trust, and monetary damages, fees, and costs.
If you are a current owner of shares of Sonic, you may obtain
additional information about this lawsuit by contacting Brower
Piven at www.browerpiven.com, by email at hoffman@browerpiven.com,
by calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years. If you choose
to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your
choice. You need take no action at this time to be a member of the
class.
CONTACT: Charles Piven Brower Piven, A Professional Corporation
Stevenson, Maryland 410/415-6616 Email Contact
Sonic Solutions (MM) (NASDAQ:SNIC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Sonic Solutions (MM) (NASDAQ:SNIC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about Sonic Solutions (MM) (NASDAQ): 0 recent articles
Más de Brower Piven, A Professional Corporation Artículos de Noticias