Posts Tagged ‘shareholders’

Kendall Law Group Investigates Possible Securities Violations by SunPower Corp.

Wednesday, November 18th, 2009

(DALLAS) Kendall Law Group, founded by a former federal judge, today began an investigation on behalf of SunPower Corp. (NASDAQ:SPWRA) (NASDAQ:SPWRB) shareholders. The firm’s investigation concerns the Company’s announcement on November 16, 2009 regarding unsubstantiated accounting entries made in the first three quarters of 2009, some of which relate back to fiscal year ending December of 2008.

The revelation of accounting irregularities by SunPower’s Philippine manufacturing operations caused a drop in share price of 18.5% by the end of trading on Tuesday, closing at $22.97 per share. The loss of just over $5 per share came after some analysts cut their recommendations on SunPower shares before midday.

SunPower engages in the design, manufacture, and marketing of solar electric power technologies. The Philippine accounting problems may have caused overstated expenses of approximately $1 million on the cost of goods sold in the first quarter of 2009. The accounting entries may have also understated expenses by almost $14 million in the second quarter and approximately $2 million in the third quarter of 2009. It is unclear whether SunPower will issue a restatement for the relevant time periods.

If you purchased SunPower common stock between January 1, 2008 and November 16, 2009 and suffered a loss you may wish to find out what you rights as a shareholder are. If you still hold shares purchased during that same period and you have suffered a loss contact the Kendall Law Group for additional information. Contact Scott Kendall at 877-744-3728 or by email at skendall@kendalllawgroup.com.

Kendall Law Group has substantial experience representing investors in mergers and acquisitions nationwide. Lawyers at the firm include a former state and federal judge, a former United States Attorney, and experienced securities lawyers.

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Kendall Law Group Investigating Carter’s, Inc. for Shareholders

Monday, November 16th, 2009

(DALLAS) Kendall Law Group, founded by a former federal judge, today began an investigation on behalf of Carter’s, Inc. (NYSE: CRI) shareholders. The investigation concerns possible breaches of fiduciary duties after the announcement on Monday that the company concluded its consolidated financial statements for the fiscal years 2004 through 2008, and the fiscal quarters from Sept. 29, 2007 through July 4, 2009, should be restated.

On November 9, 2009, the announcement by the Georgia based company caused stock prices to drop by as much as 15%. Last month the company announced it would need additional time to review accounting for discounts offered to wholesale customers, delaying the report of its third quarter results.

The announcement has caused speculation that there may be a change in company management, since the current CEO, Michael Casey was the company’s Chief Financial Officer during the stated periods. Carter’s stock has lost about one quarter of its overall value since October 26, 2009, shortly before the accounting issue was announced.

If you are a current holder of Carter’s stock and would like additional information concerning this investigation, including your shareholder rights, contact Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com.

Kendall Law Group has substantial experience representing investors in securities lawsuits nationwide. Lawyers at the firm include a former state and federal judge, a former United States Attorney, and experienced securities lawyers.

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Kendall Law Group Investigates Silicon Storage Technology, Inc. on Behalf of Shareholders

Monday, November 16th, 2009

Kendall Law Group, founded by a former federal judge, is investigating the proposed acquisition of Silicon Storage Technology, Inc. (NASDAQ:SSTI) by Technology Resource Holdings, Inc., an entity partially controlled by members of SSTI’s management teams, in a $201 million transaction. According to the agreement, shareholders will receive $2.10 per SSTI share owned, which represents an 11% premium based on the closing price of SSTI on November 12, 2009.

On November 13, 2009, SSTI announced that the Board of Directors had approved the agreement based on the recommendation of a Strategic Committee composed of all of SSTI’s independent directors. The agreement contains a go-shop provision allowing the Strategic Committee to continue seeking offers for 45 days from the date of the announcement. The transaction is expected to close in the second quarter of 2010. Certain officers have agreed to exchange all of their shares of SSTI common stock for shares of capital stock of the resulting privately held company.

The firm’s investigation concerns whether the consideration to be paid to shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of the company since. Also, the investigation will focus on whether the Board of Directors may have breached their fiduciary duties in disregarding the shareholders’ best interests by not seeking the best offer before entering into the transaction. SSTI shares traded as high as $2.75 as recently as September 29, 2009 and at $2.26 on the first full day of trading following the announcement.

If you are a current holder of SSTI and would like additional information concerning this proposed transaction, including your rights, contact Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com. Kendall Law Group has substantial experience representing investors in mergers and acquisitions nationwide. Lawyers at the firm include a former state and federal judge, a former United States Attorney, federal judicial law clerk, in addition to experienced securities lawyers.

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Kendall Law Group Investigates Avocent Merger on Behalf of Shareholders

Thursday, October 15th, 2009

Kendall Law Group, led by a former federal judge and former US Attorney, announces an investigation on behalf of Avocent Corporation shareholders (NASDAQ: AVCT) in connection with an agreement to sell the company to Emerson Electric.

The firm is investigating whether the Avocent board of directors breached their fiduciary duties related to the approval of the acquisition, which is expected to close around January 1, 2010. According to the agreement, Emerson will pay $25 per Avocent share, a 22% premium. At least one analyst has set a $27.00 per share price target for Avocent stock. The Board agreed to a no-solicitation provision and a $35 million termination fee and to reimburse Emerson for transaction expenses up to $7.5 million. These deal protection devices will all but ensure that no superior offer will ever be forthcoming.

Kendall Law Group has nationwide experience representing investors in mergers and acquisitions. If you have information concerning this merger or want to learn more about your rights as a shareholder, contact attorney Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com.

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