Printed from http://www.electronista.com

Apple's AuthenTec purchase already under investigation

updated 09:46 pm EDT, Fri July 27, 2012

Board of directors of AuthenTec accused of price manipulation

Following Apple's announcement yesterday of its $356 million acquisition of biometrics and near-field communications company AuthenTec, two law firms are investigating the acquired company's board of directors for potential public undervaluations prior to its sale to Apple. Even the allegation of such impropriety could delay the acquisition of the company, according to federal rules. Neither company has released a statement on the accusations.

According to one of the investigating law firms, Levi & Korsinsky, the investigation is centering on whether the board of directors "breached their fiduciary duties to AuthenTec stockholders by failing to adequately shop the Company before entering into this transaction, and whether Apple is underpaying for AuthenTec shares, thus unlawfully harming AuthenTec stockholders."

AuthenTec makes fingerprint sensor chips used in computers, and various other forms of security software and chips for cellphones; some of the company's clients include Dell, Fujitsu, Lenovo, and Samsung. Notably, the company also produces chips involved in near-field communication (NFC) technologies.



By Electronista Staff
toggle

Comments

  1. Zanziboy

    Forum Regular

    Joined: 08-27-08

    This sounds like another ProView. The deal is done until they realize it was Apple buying the company. The lawyers probably wanted to sell it at tens or even a hundred times Apple's purchase price.

  1. FireWire

    Mac Elite

    Joined: 10-03-99

    What? Harming shareholders? They get a 58% bonus over the actual share value...

  1. iphonerulez

    Dedicated MacNNer

    Joined: 11-28-08

    Nothing but pure greed going on here. Every time Apple attempts to buy a company, someone feels they're getting cheated. When shareholders are getting a decent premium over the current share price for the company there's no reason they should think they're being cheated. I remember when Yahoo shareholders (maybe it was just the CEO) kept trying to hold up sales because they wanted more and eventually got a lot less as Yahoo's value slipped away over time. A company's value should not be decided upon merely because of which company is going to buy it. Companies should be able to bid anonymously.

  1. testudo

    Forum Regular

    Joined: 08-06-01

    Originally Posted by FireWireView Post

    What? Harming shareholders? They get a 58% bonus over the actual share value...



    Yes, if they shopped it around and could have gotten 76% above price. Or do you think any bonus is old enough?

  1. testudo

    Forum Regular

    Joined: 08-06-01

    Originally Posted by iphonerulezView Post

    Nothing but pure greed going on here. Every time Apple attempts to buy a company, someone feels they're getting cheated..



    Yes, this only happens when apple buys a company. If dell were buying it, no one would pay attention. You need to learn the real world doesn't just revolve around apple, it's the same with any company. Geesh.

  1. Zanziboy

    Forum Regular

    Joined: 08-27-08

    Apple is more frequently the target of litigation in the technology industry over companies like Dell, Samsung, and Google.

    As reported in Bloomberg, 60% of all mobile technology litigation was targeted at Apple either directly or indirectly. The heads of most technology companies believe it would be easier to sue Apple rather than try to get money from companies like Samsung or Google.

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Plantronics Rig Surround 7.1 headset

Trying to capture the true soundscape of video games can be a daunting task. Looking to surround sound home theater options, users hav ...

Kenu Airframe +

Simple, stylish and effective, the Kenu Aiframe + portable car mount is the latest addition to Kenu's lineup. Released earlier this ye ...

Adesso Compagno X Bluetooth keyboard

The shift from typing on physical keyboards to digital versions on smartphones and tablets hasn't been an easy for many consumers. Fro ...

Sponsor

toggle

Most Commented

 
toggle

Popular News