NEW YORK, Aug. 17, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Planar Systems, Inc. ("PLNR" or the "Company") by Leyard Optoelectronic Co. Ltd. ("Leyard") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of PLNR for agreeing to sell the Company to Leyard. On August 12, 2015, the Company announced it had reached a definitive agreement for Leyard to acquire PLNR for $156.8 million. Under the terms of the agreement, PLNR shareholders will receive $6.58 for each PLNR share they own.
WeissLaw is investigating whether PLNR's Board acted to maximize shareholder value. Notably, analysts have set a target price of $7.50 per PLNR. The analysts' target price represents a premium of approximately 14% over the share price being offered Leyard.
Given these facts, WeissLaw is investigating the Board's decision to sell PLNR and whether PLNR shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own PLNR 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 firstname.lastname@example.org.
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 email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP