A lawsuit was filed by investor in shares of Rudolph Technologies, Inc. (NYSE: RTEC) in connection with the proposed takeover and NYSE: RTEC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/26/2019 -- The Shareholders Foundation announced that an investor, who currently holds shares of Rudolph Technologies, Inc. (NYSE: RTEC), filed a lawsuit against the proposed takeover of Rudolph Technologies, Inc.
Investors who purchased shares of Rudolph Technologies, Inc. (NYSE: RTEC) and currently hold any of those Rudolph Technologies, Inc. (NYSE: RTEC shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: RTEC stockholders by agreeing to sell Rudolph Technologies, Inc too cheaply via an unfair process.
Wilmington, MA based Rudolph Technologies, Inc. designs, develops, manufactures, and supports process control defect inspection and metrology, advanced packaging lithography, and process control software systems used by microelectronic device manufacturers. On June 24, 2019, Nanometrics Incorporated (NASDAQ: NANO) and Rudolph Technologies, Inc. (NYSE: RTEC) announced that they have agreed to combine in an all-stock merger of equals transaction. Under the terms of the agreement, which was unanimously approved by the Boards of Directors of both companies, Rudolph stockholders will receive 0.8042 shares of Nanometrics common stock for each Rudolph share. Based on a closing price of $33.77 per NASDAQ: NANO shares on June 21, 2019, the proposed transaction values NYSE: RTEC shares at approximately $27.16 per share.
However, the plaintiff alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a Form filed with the United States Securities and Exchange Commission. The plaintiff says that the Registration Statement that was filed in connection with the proposed transaction allegedly omits material information with respect to, among other things, Rudolph's and Nanometrics' financial projections and the analyses performed by Rudolph's financial advisor.
At least one analyst has set the high target price for NYSE: RTEC shares at $36.00 per share. Furthermore, shares of Rudolph Technologies, Inc. (NYSE: RTEC) traded as recently as May 2019 as high as $34.55 per share. Additionally, Rudolph Technologies, Inc. reported that its annual Total Revenue rose from $255.09 million in 2017 to $273.78 million in 2018 and that its Net Income increased from $32.09 million in 2017 to $45.09 million in 2018.
On September 25, 2019, NYSE: RTEC shares closed at $26.40 per share.
Those who are current investors in Rudolph Technologies, Inc. (NYSE: RTEC) shares have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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