Robbins Umeda LLP Announces an Investigation of LeCroy Corporation

SAN DIEGO--(BUSINESS WIRE)--

Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of LeCroy Corporation LCRY in connection with their efforts to sell the company to Teledyne Technologies Incorporated TDY. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at 800-350-6003, info@robbinsumeda.com, or via the shareholder information form on the firm's website.

On May 29, 2012, LeCroy announced that it had entered into a definitive merger agreement to be acquired by Teledyne. According to the terms of the deal, Teledyne will acquire all outstanding shares of the company through an all-cash transaction. Pursuant to the agreement, LeCroy shareholders will receive $14.30 in cash for each share of the company they own.

Robbins Umeda LLP's investigation focuses on whether LeCroy's 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 April 25, 2012, LeCroy reported strong operating results for the third quarter of fiscal year 2012 that beat analyst expectations. The company reported its ninth consecutive quarter of year-over-year revenue growth with EPS of $0.27 for the quarter, beating consensus analyst estimates of $0.26. Additionally, LeCroy reported revenue of $48.8 million during the third quarter of 2012, beating consensus estimates of $48.5 million.

Notably, several leading market analysts have released target prices for LeCroy that value the company's stock between $15.00 and $16.00 per share, considerably higher than the value currently being offered by Teledyne as part of the proposed transaction. Given the company's impressive financial results and recent target prices, Robbins Umeda LLP is examining the board's decision to sell LeCroy now at $14.30 per share rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.

Robbins Umeda LLP attorneys highlight that LeCroy 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. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/lecroy-corporation/

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