Law Offices of Marc S. Henzel Commences Investigation of Companies for Violations of the Federal Securities Laws
MERION, Pa., March 11, 2016 /PRNewswire/ -- The Law Offices of Marc S. Henzel (www.henzellaw.com), a firm focusing on shareholder litigation, gives notice to shareholders of investigation into the following securities for violations of the Federal Securities Laws:
PowerSecure International, Inc. (NYSE: POWR) 2/24/16
The firm has commenced an investigation into the fairness of the sale of PowerSecure International, Inc. to Southern Company for $18.75 in cash per share. The investigation focuses on whether PowerSecure's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of PowerSecure's shareholders.
Carmike Cinemas Inc. (Nasdaq: CKEC) 3/9/16
The firm is investigating the Board of Directors of Carmike Cinemas Inc. (NasdaqGS: CKEC) for potential breaches of fiduciary duties in connection with the sale of the Company to AMC Entertainment Holdings, Inc. for approximately $1.1 billion in an all-cash transaction.
The Company's stockholders will receive $30.00 for each share of Company common stock they own. However, this consideration is below Carmike Cinemas' 52-week high of $34.94 per share.
The investigation focuses on whether Carmike Cinemas' Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Carmike Cinemas' shareholders.
Checkpoint Systems Inc. (NYSE: CKP) 3/3/16
The firm is investigating the Board of Directors of Checkpoint Systems, Inc. (CKP) for potential breaches of fiduciary duties in connection with the sale of the Company to CCL Industries Inc. for approximately $443 million.
The Company's stockholders will receive $10.15 in cash for each share of Company common stock they own which is below the 52-week high of $11.85 per share.
The investigation focuses on whether Checkpoint's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Checkpoint's shareholders.
Tumi Holdings, Inc. (NYSE: TUMI) 3/4/16
The firm is investigating the Board of Directors of Tumi Holdings, Inc. (TUMI) for potential breaches of fiduciary duties in connection with the sale of the Company to Samsonite International S.A. for approximately $1.8 billion in an all-cash transaction.
The Company's stockholders will receive $26.75 for each share of Company common stock they own.
The investigation focuses on whether Tumi's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Tumi's shareholders.
Javelin Mortgage Investment Corp. (NYSE: JMI) 3/2/16
The firm's investigation concerns whether the JAVELIN directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Javelin Mortgage Investment Corp. (JMI) announced that it was being acquired by Armour Residential REIT, Inc. (ARR) for $7.14 per share. While the offer price represents a 19% premium to the company's stock price prior to the announcement of the deal, the offer price is significantly less than Javelin's 52-week high of $8.98 per share, and less than its book value.
Sempra Energy (NYSE: SRE) 5/14/15 thru 11/23/15
On October 23, 2015, Sempra's subsidiary SoCalGas discovered a natural gas leak from the Company's Aliso Canyon natural gas storage facility near the Porter Ranch neighborhood in Los Angeles (the "Porter Ranch Leak").
On October 28, 2015, after a strong gas odor became noticeable to Porter Ranch residents, SoCalGas publicly acknowledged the Porter Ranch Leak.
For the next several months, SoCalGas attempted unsuccessfully to plug the well. Meanwhile, local residents reported symptoms including headaches, nausea, and severe nosebleeds, and thousands of families were relocated from the area as SoCalGas unsuccessfully attempted to seal the well.
The firm is investigating whether Defendants made materially false and misleading statements regarding the Company's business, operations, cash position, prospects, and internal controls.
On November 23, 2015, displaced Porter Ranch residents filed a class action lawsuit against SoCalGas, seeking damages and an order requiring SoCalGas to disclose information related to the health risks associated with the Porter Ranch Leak.
Rockwell Medical, Inc. (Nasdaq: RMTI) 9/9/15 thru 2/29/16
The firm is investigating potential violations of the federal securities laws by Rockwell Medical, Inc. (RMTI) and certain of its officers and directors. On September 9, 2015, Rockwell Medical disclosed the U.S. commercial launch of Triferic, a FDA approved iron product designed to replace iron and preserve hemoglobin in hemodialysis patients in the United States. On February 29, 2016, Rockwell Medical's CFO Tom Klema revealed to investors on a conference call that sales of Triferic were "immaterial" for 2015; and in response analysts questioned the Company's commercial viability in the dialysis arena. On this news, Rockwell Medical stock fell $3.29 per share, or approximately 34%, to close at $6.31 per share on March 1, 2016.
Teekay Corporation (NYSE: TK) 6/30/15 thru 12/17/15
The firm is investigating potential violations of the federal securities laws by Teekay Corporation.
On June 30, 2015, Teekay it's quarterly dividend 75% to $0.55 per share. At the same time, Teekay assured investors that the Company would at least maintain this higher dividend, and that Teekay intended to increase the dividend by 15-20% in the coming years. However, on December 16, 2015, Teekay shocked the market when it announced that it was slashing its dividend by 90% - from $0.55 per share to just $0.055 per share.
On this news, shares of Teekay plummeted over 58%, closing at $7.27 per share on December 17, 2015, on heavy trading volume.
Hortonworks, Inc. (NYSE: HDP) 11/4/15 thru 1/15/16
On November 12, 2015, Hortonworks filed a quarterly report with the Securities and Exchange Commission ("SEC") for the quarter ended September 30, 2015 on Form 10-Q, stating, in part: "We believe that our existing cash and cash equivalents balance, together with cash generated from sales of our support subscriptions and professional services to customers, will be sufficient to meet our working capital and capital expenditure requirements for the next 12 months."
The stock climbed as high as $22.08, a gain of nearly 26%, thereafter. However, on January 15, 2016, after the market closed, Hortonworks announced it had retained Goldman Sachs to raise $100 million in a secondary offering. Analysts expressed surprise, with one stating, "We believe it will be incumbent on HDP during its roadshow to show why this offering, announced in this way, at this time, should not be interpreted as evidence of serious difficulty."
As a result of this news, Hortonworks stock fell $6.13, or nearly 37%, to close at $10.44 on January 19, 2016, the next trading day.
PTC Therapeutics, Inc. (Nasdaq: PTCT) 5/6/14 thru 2/23/16
The firm is investigating PTC Therapeutics, Inc. (Nasdaq: PTCT) for violations of the Federal Securities Law. On February 23, 2016, PTC announced that it received a Refuse to File letter from the United States Food and Drug Administration ("FDA") regarding the New Drug Application for Translarna. The FDA stated in the Refuse to File letter that the application was not sufficiently complete to permit a substantive review. On this news, shares of PTC fell over 61%, closing at $10.84 per share on February 23, 2016, a market capitalization loss of close to $600 million.
G. Willi-Food International Ltd. (Nasdaq: WILC) 4/30/14 thru 2/18/16
The firm is investigating whether defendants issued materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. The Company issued a press release announcing that the Company, along with its senior executive Gregory Gurtovoy ("Gurtovoy") and other officers and directors of G. Willi-Food's parent companies, are being investigated by the Israel Security Authority ("ISA"). According to an article published by Israeli newspaper Haaretz, Gurtovoy is suspected by the ISA of illegally siphoning money from G. Willi-Food.
On this news, shares of G. Willi-Food declined over 5%, closing at $3.75 per share on February 18, 2016.
If you would like to learn more about the investigation of these companies, would like to learn more about any potential claims or you wish to discuss these matters and have any questions concerning this announcement or your rights, please contact Marc S. Henzel (610) 660-8000, email at [email protected], or to sign up online, visit the firm's website at www.henzellaw.com.
The Law Offices of Marc S. Henzel is a national shareholder litigation firm representing shareholders & investors in various areas of securities laws including but not limited to: class actions, derivatives, transactional (buyouts/takeovers/mergers) and FINRA & NYSE Arbitrations.
Contact:
Law Offices of Marc S. Henzel
Marc S. Henzel
Email: [email protected]
Phone 610-660-8000
Website: www.henzellaw.com
LAW OFFICES OF MARC S. HENZEL
MERION STATION, PA 19066
SOURCE Law Offices of Marc S. Henzel
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