Hear that? It’s the sound of lawyers skidding around the corner as they chase the next big lawsuit “ambulance”. Following the announcement of Apple’s purchase of AuthenTec on Friday, two law firms are “investigating” the purchase for “possible breaches of fiduciary responsibility.”
Law firms Levi & Korsinsky and Rigrodsky & Long, P.A. are looking to wrangle shareholder class action lawsuits on allegations that AuthenTec’s board of directors purposely undervalued the company in its $356 million sale to Apple.
Documents released by the two law firms say an investigation is underway, and ask shareholders to sign up for representation if a class action suit is filed.
The online announcement from Levi & Korsinsky reads: “Under the terms of the transaction, AuthenTec shareholders will receive $8 per share of AuthenTec stock they own. The transaction has a total approximate value of $350 million.”
According to the firm, the “investigation concerns whether the AuthenTec Board of Directors breached their fiduciary duties to AuthenTec stockholders by failing to adequately shop the Company before entering into this transaction and whether Apple is underpaying for AuthenTec shares, thus unlawfully harming AuthenTec stockholders.”
Such an investigation could affect Apple’s purchase of the company. Neither Apple or AuthenTec released an official statement about the matter.