SAN DIEGO, Jan. 19, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Coherent, Inc. (NASDAQ: COHR) breached their fiduciary duties in connection with the proposed sale of the Company to Lumentum Holdings Inc. (NASDAQ: LITE) ("Lumentum" or the "Company").
On January 19, 2021, Coherent announced that it had entered into a definitive merger agreement with Lumentum. Under the terms of the deal, Coherent stockholders will receive $100.00 per share in cash and 1.1851 shares of Lumentum common stock for each Coherent share they own, representing an implied value to each Coherent stockholder of $226 per share based on the closing price of Lumentum common stock on January 15, 2021. Coherent shareholders will be subject to the future price fluctuation of Lumentum's stock price. Following the news, in pre-market trading on January 19, 2021, Lumentum stock was trading down over 8%.
The investigation concerns whether the Coherent board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Coherent shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth.
If you are a Coherent shareholder and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP