Shareholders Foundation Announces Bell Microproducts Inc. Investor Lawsuit Against BELM Board of Directors

SAN DIEGO, April 12, 2010 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit has been filed in California State Court on behalf of current investors in Bell Microproducts Inc. BELM, who purchased their BELM shares before March 29, 2010, over alleged breach of their fiduciary duties by members of the Bell Microproducts  board of directors and others.

On Monday, March 29, 2010, Bell Microproducts Inc. BELM announced that it has entered into a definitive agreement to be acquired by Avnet, Inc. in an all cash merger for $7.00 per share or a total transaction value of approximately $594 million, based upon an equity value of approximately $252 million and a Bell debt position, at face value and net of cash, of $342 million at December 31, 2009. According to Bell Microproducts the acquisition has been approved by the Boards of Directors of both companies.

Shares of Bell Microproducts Inc. (BELM) traded after the announcement at $6.98 per share, and at $5.50 the trading day before the news.

According to the complaint the plaintiff alleges that certain officers and directors of Bell have decided to pursue their own interests and will the proposed acquisition will benefit certain officers and directors at the expense of Bell's shareholder, rather then maximizing shareholder value for them. The plaintiff alleges, among other things, that the transaction is unfair and inadequate and harmful to Bell's public stockholders, because the company agreed that it will not solicit, initiate, or knowingly encourage any superior proposals from other parties and it would pay a termination fee of $10.5 million if it accepted a superior proposal.

Those who currently are investors in shares of Bell Microproducts Inc. BELM and purchased their BELM shares before March 29, 2010, should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is an investor advocacy group which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The group offers help, support, and assistance for every shareholder, and investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

The Shareholders Foundation, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6931