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| July 28, 2012
Apple's Acquisition Of AuthenTec Is Already Under Investigation For Class-Action Suit
Less than a day following the news of Apple's acquisition of fingerprint-scanning company AuthenTec, a couple of law firms are investigating "the security company's board of directors for possible breaches of fiduciary responsibility," as Apple Insider reports. The website notes:
Law firms Levi & Korsinsky and Rigrodsky & Long, P.A. are looking to wrangle shareholder class action lawsuits on allegations that AuthenTec's board of directors purposely undervalued the company in its $356 million sale to Apple. Documents released by the two law firms note an investigation is currently underway and ask for shareholders to sign up for representation if a class action suit is indeed initiated.Here's one of the documents released: [caption id="attachment_324338" align="aligncenter" width="726"] The aforementioned document[/caption] Online, Levi & Korsinsky has posted the following message:
Under the terms of the transaction, AuthenTec shareholders will receive $8 per share of AuthenTec stock they own. The transaction has a total approximate value of $350 million. [The] investigation concerns whether the AuthenTec Board of Directors breached their fiduciary duties to AuthenTec stockholders by failing to adequately shop the Company before entering into this transaction and whether Apple is underpaying for AuthenTec shares, thus unlawfully harming AuthenTec stockholders.Since the news of Apple's acquisition of AuthenTec hit the Web, fans have been speculating as to how the Cupertino, California company might implement the fingerprint-scanning technology in its OS X or iOS operating systems. Some have noted that this could tie-in with a future mobile payments solution, or perhaps a "scan-to-unlock" feature. For more information on the original story, be sure to check our article. If any more news regarding this investigation surfaces online, we'll let you know. Source: Levi Korsinsky Via: Apple Insider