NEW YORK, July 7, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Nortek Inc. ("NTK" or the "Company") in connection with the proposed acquisition of the Company by Melrose Industries Plc ("Melrose"). On July 6, 2016, the Company announced it had reached a definitive agreement for Melrose to acquire all outstanding shares of NTK in a transaction valued at $2.81 billion. Under the terms of the agreement, NTK shareholders will receive $86.00 in cash for each NTK share they own.
WeissLaw is investigating whether NTK's Board acted to maximize shareholder value prior to entering into the agreement. Notably, NTK recently announced positive financial results for the first quarter of 2016. It reported EBITDA increased 31% year-over-year, and net sales of $613.9 million, representing an increase of 7.2% year-over-year when compared to the $572.7 million reported in the same period of the previous year.
Given these facts, WeissLaw is investigating whether NTK's Board acted in the best interests of NTK's public shareholders to maximize shareholder value prior to entering into the agreement. If you own NTK shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP