Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of ICX Technologie
Levi & Korsinsky is investigating the Board of Directors of ICx Technologies, Inc. (“ICXT” or the “Company”) (NasdaqGM: ICXT) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to FLIR Systems Inc. ("FLIR") (NasdaqGS: FLIR).
[USPRwire, Tue Aug 17 2010] Under the terms of the transaction, ICXT shareholders will receive $7.55 in cash for each ICXT share of common stock they own for a total transaction value of approximately $274 million.
The investigation concerns whether the ICXT Board of Directors breached their fiduciary duties to ICXT stockholders by failing to adequately shop the Company before entering into this transaction and whether FLIR is underpaying for ICXT shares, thus unlawfully harming ICXT stockholders. In particular, ICXT stock traded in excess of $8.00 per share as recently as July 28, 2010 and the mean target price for ICXT stock set by analysts is $9.00 per share with at least one analyst setting a price target of $10.00 per share.
If you own common stock in ICXT and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/icx-technologies-icxt.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Fax: (212) 363-7171, www.zlk.com
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004