BALA CYNWYD, Pa.--(BUSINESS WIRE)--Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Novellus Systems, Inc. (“Novellus” or the “Company”) (Nasdaq: NVLS) relating to the proposed acquisition by Lam Research Corporation (“Lam”).
Under the terms of the transaction, Novellus shareholders would receive 1.125 shares of Lam common stock for each share of Novellus common stock they own. The transaction values Novellus at approximately $44.42 million. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Novellus for not acting in Novellus shareholders' best interests in connection with the sale process to Lam. The transaction may undervalue Novellus as an analyst has set a price target of $51.75 per share for Novellus stock. In addition, over the past 12 months Novellus generated $344.6 million in cash while it booked income of $293.7 million.
If you own shares of Novellus stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com, visiting http://brodsky-smith.com/374-nvls-novellus-systems-inc.html, or by calling toll free 877-LEGAL-90.