NEW YORK, Aug. 18, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Planar Systems, Inc. ("Planar" or the "Company") (Nasdaq:PLNR) for potential breaches of fiduciary duties in connection with the sale of the Company to Leyard Optoelectronic Co., Ltd. for approximately $157 million in cash.
The Company's stockholders will only receive $6.58 for each share of Company common stock they own. However, the offer represents a inadequate premium since Planar stock traded at $8.68 per share as recently as December 29, 2014 and at least one Wall Street analyst price target for Planar stock is at $7.50 per share.
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The investigation focuses on whether Planar'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 Planar's shareholders.
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If you own common stock in Planar and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/PLNR or contact Juan E. Monteverde, Esq. either via e-mail at [email protected] or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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