Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by members of the Board of Directors of Hypercom Systems, Inc. (NYSE: HYC) arising from the proposed sale of Hypercom to VeriFone Systems, Inc. (NYSE: PAY).
Under the terms of the all-stock transaction, Hypercom shareholders will receive a fixed ratio of 0.23 shares of Verifone common stock for each Hypercom share they own. The transaction is valued at approximately $485 million, including net debt assumed by VeriFone, or approximately $7.32 per share of Hypercom common stock based on the closing trading price on November 16, 2010. The transaction is expected to close in the second half of 2011.
Weiss & Lurie is investigating whether Hypercom's Board acted in the best interests of shareholders in approving the proposed transaction and whether Hypercom's Board properly sought to maximize shareholder value.
If you own common stock in Hypercom and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun, Esq. either by email at infony@weisslurie.com or by telephone at (888) 593-4771.
Weiss & Lurie 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 institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (such as insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading press releases or SEC filings), consumer fraud (such as false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at infony@weisslurie.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/.
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Contacts:
Weiss & Lurie
Julia J. Sun, Esq., 212-682-3025
Fax: 212-682-3010
www.weisslurie.com