NEW YORK, Aug. 12, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Silicon Graphics International Corp. ("SGI" or the "Company") in connection with the proposed acquisition of the Company by Hewlett Packard Enterprise Company ("HPE"). On August 11, 2016, the Company announced that it had reached a definitive agreement for HPE to acquire all outstanding shares of SGI in a transaction valued at approximately $275 billion. Under the terms of the agreement, SGI shareholders will receive $7.75 in cash for each SGI share they own.
WeissLaw is investigating whether SGI's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $8.50. Additionally, the Company's shares traded for $7.79 as recently as January. Moreover, on August 11, 2016, on the same as the acquisition announcement, SGI reported total revenue increased $12 million, from $521 million for fiscal year 2015 to $533 million for fiscal year 2016.
Given these facts, WeissLaw is investigating whether SGI's Board acted in the best interests of SGI's public shareholders to maximize shareholder value prior to entering into the agreement. If you own SGI 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 [email protected].
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 protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP