MILWAUKEE, Aug. 15, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Volterra for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Volterra to Integrated Products.
Click here to learn how to join the action: http://www.ademilaw.com/case/volterra or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Volterra's long-term financial outlook is very positive and yet Volterra shareholders will receive only $23 per share. Integrated Products is well aware of Volterra's improving financial metrics and is purchasing Volterra at a substantial discount. The merger agreement unreasonably limits prospective bids for Volterra by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Volterra receive and accept a superior bid. Volterra insiders, their affiliates and other majority shareholders own significant voting units of Volterra, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Volterra not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Volterra's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Volterra given its current financial condition and prospects.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP