mail@shareholdersfoundation.com
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Apr 29, 2010 -
Shortly after Hewlett-Packard Company announced on Wednesday to take over Palm for $5.70 per PALM share an investigation on behalf of current investors in Palm, Inc. ( NASDAQ:PALM)
concerning shareholder claims over possible breaches of fiduciary duty by the board of directors of Palm was announced.
If you currently hold shares of Palm, Inc. (Public, NASDAQ:PALM)
), you have certain options and you should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
The investigation by law firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Palm, Inc. of arising out of their attempt to sell Palm, Inc. (NASDAQ:PALM)
to Hewlett-Packard Company. Palm, Inc., located in Sunnyvale, California, is a provider of mobile products for individual users and business customers worldwide. Palm, Inc. reported in 2007 Total Revenue of $1.56051billion, in 2008 $1.31869billion, and in 2009 $735.87million.
On Wednesday, April 28, 2010, Palm, Inc. (NASDAQ: PALM) and Hewlett-Packard Company announced that they have entered into a definitive agreement under which Hewlett-Packard will purchase Palm, at a price of $5.70 per share of Palm common stock in cash or an enterprise value of approximately $1.2 billion. According to Hewlett-Packard the transaction has been approved by the Palm, Inc. and Palm boards of directors.
Shares of Palm, Inc. (NASDAQ:PALM)
traded after the announcement at $4.63 per share, down from $4.80 per share on Wednesday, April 28, 2010, and $5.15 per share on Friday, April 23, 2010. PALM shares were down from its 52weekHigh of $18.09 per share.
The investigation by a law firm “concerns whether the Palm Board of Directors breached their fiduciary duties to Palm, Inc. (PALM) stockholders by failing to adequately shop the Company prior to entering into the agreement, whether the Board of Directors breached their fiduciary duties by not seeking a deal that would provide better value of Palm, Inc. (NASDAQ:PALM)
, and whether Hewlett-Packard Company is underpaying for Palm, Inc. (PALM), thus unlawfully harming Palm, Inc. stockholders.”
Those who currently hold shares of Palm, Inc. (Public, NASDAQ:PALM)
, have certain options and should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
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http://www.prlog.org/10652719/1The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help 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.
