NEW YORK, March 2, 2016 /PRNewswire/ -- The fairness of the proposed acquisition of API Technologies Corp. ("ATNY" or the "Company") by its affiliate, J. F. Lehman & Company ( "J. F. Lehman"), is the subject of an examination by WeissLaw LLP for possible breaches fiduciary duties and other violations of law. On February 29, 2016, the Company announced it had reached a definitive agreement for J. F. Lehman to acquire all outstanding shares of ATNY. Under the terms of the agreement, ATNY shareholders will receive $2.00 in cash for each ATNY shares they own.
WeissLaw LLP is investigating whether ATNY's Board acted to maximize shareholder value prior to entering into the agreement with J. F. Lehman. Notably, at least one analyst set a target price of $3.75, or $1.75 above the per share offer price. Further, the Company recently announced positive financial results. It reported revenues of $68.0 million in the third quarter of 2015 as compared to $56.9 million reported in the same quarter of the previous year, representing an increase of $11.1 million year-over-year or approximately 20%.
Given these facts, WeissLaw is investigating whether ATNY's Board acted in the best interests of ATNY's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with J. F. Lehman. If you own ATNY 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 stockinfo@weisslawllp.com.
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 stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP
