Axsys Technologies, Inc. Investor Lawsuit Over alleged unfair takeover

PRLog (Press Release) - Jun 29, 2009 -
SAN DIEGO, CA (Shareholders Foundation) – An angry investor has filed a proposed securities class action lawsuit in Connecticut state court on behalf of current investors of  Axsys Technologies, Inc. (NASDAQ:AXYS) again Axsys Technologies Inc after Axsys announced that General Dynamics Advanced Information Systems has entered into a agreement to acquire Axsys Technologies, Inc., (NASDAQ: AXYS) for $54 per share.
   
Those who currently are investors in Axsys Technologies, Inc. (NASDAQ:AXYS) and purchased the shares before June 03, 2009 have certain options and should contact the Shareholders Foundation, Inc. at:

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554

According to the complaint the plaintiff claims the $54-a-share offer both companies announced on June 4 is too low. The price appears to be unfair given that in 2008 Axsys generated $245.48 million in total revenue with a net income of $25.87 million and Axsys shares traded over $72 per share as recently as December 2008 and the Board of Directors of Axsys Technologies, Inc breaches its fiduciary duty.
The cost of the transaction would be $643 million. The proposed acquisition has been approved by the boards of directors of Axsys Technologies and General Dynamics. According to the investigation the price is unfair given that Axsys shares NASDAQ:AXYS traded over $72 per share as recently as December 2008 and analysts currently placed a median price target of $64 per share with a high price target of $80 per share. Axsys Technologies, Inc, located in Rocky Hill, CT,  is a designer and manufacturer of precision optical solutions for defense, aerospace, homeland security and commercial applications. The Company operates in two business segments: the Surveillance Systems Group and the Imaging Systems Group. The Surveillance Systems Group designs, manufactures and sells highly precise camera systems for deployment on ground, marine and aerial vehicles. Axsys Technologies, Inc. (NASDAQ:AXYS) reported $171.62million in total revenue with a net income of $16.78million in 2007 and $245.48million in total revenue with a net income of $25.87million in 2008. Shares of Axsys Technologies, Inc. (NASDAQ:AXYS) were down form a 52weekHigh of $79.69 per share.

Those who currently are investors in Axsys Technologies, Inc. (NASDAQ:AXYS) and purchased the shares before June 03, 2009 have certain options and should contact the Shareholders Foundation, Inc. at:

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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