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Breach of Fiduciary Duty by the Board of Transmeta Corporation Under Investigation |
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Written by Globe NewsWire
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Tuesday, 18 November 2008 |
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New York, New York - Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of Transmeta Corporation ("Transmeta" or the "Company") (Nasdaq:TMTA) arising out of their attempt to sell the Company to Novafora Inc. Under the terms of the agreement, Transmeta shareholders are to receive between $18.70 and $19.00 per share in cash for each Transmeta share they own for a total offer price of approximately $255.6 million.
The price is unfair given that, as of September 20, 2008, the Company had $255 million in cash and cash equivalents. The offer price, in effect, values the Company's operations and intellectual property at zero.
If you own common stock in Transmeta and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/tmta.html
Levi & Korsinsky has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
CONTACT: Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
Juan E. Monteverde, Esq.
(212) 363-7500
Fax: (212) 363-7171
www.zlk.com
39 Broadway, Suite 1601
New York, NY 10006 |
