Spectrum Control, Inc. Investor Investigation over potential Breaches of Fiduciary Duties

March 28, 2011 - PRLog -- After Spectrum Control, Inc. announced it agreed to a takeover by API Technologies Corp. an investigation on behalf of investors in Spectrum Control, Inc.  over possible breaches of fiduciary duty was announced.

If you purchased shares of Spectrum Control, Inc.  prior to the announcement and currently hold those NASDAQ- SPEC shares, and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain directors and officers at Spectrum Control, Inc. (NASDAQ SPEC) or others breached their fiduciary duties in connection with proposed takeover.

On Mondya, March 28, 2011, Spectrum Control, Inc.  and API Technologies Corp. (OTC Bulletin Board: ATNY) announced that they have entered into a merger agreement providing for the cash acquisition of Spectrum Control, Inc by API Technologies Corp. Pursuant to the terms of the definitive agreement, API Technologies Corp will acquire 100% of the issued and outstanding equity of Spectrum Control, Inc for $20.00 per share for a total purchase price of approximately $270 million.

Indeed, following the takeover news shares of Spectrum Control, Inc. (Public, NASDAQ-SPEC) jumped from $14.40 per share on Friday to $19.70 on Monday.

However, Spectrum Control, Inc. has performed well in the past for its investors. Spectrum Control’s 52week Total Revenue went from $136.54milion reported on Nov. 30, 2007 to $163.94million reported on Nov. 30, 2011. Its Net Income rose over the same time frame from $11.14million to $12.84million.

Therefore the investigation monitors and concerns whether Spectrum Control Board of Directors undertook an adequate and fair sales process to obtain the maximized consideration for all shareholders of Spectrum Control, Inc.  and breached their fiduciary duties to Spectrum Control (SPEC) investors by failing to adequately shop the Company before entering into the transaction. The investigation concerns also whether API Technologies Corp. would underpay for NASDAQ-SPEC shares, thus unlawfully harming SPEC investors. A potential class action lawsuit would seek to maximize the amount of money and information for NASDAQ SPEC stockholders would receive in a buyout, so the law firm.

Those who purchased Spectrum Control, Inc. (Public, NASDAQ-SPEC) and currently continue to hold those NASDAQ- SPEC shares, and/or those who have any information relating the investigation, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is a professional portfolio monitoring service and 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.