Brower Piven Announces Class Action Lawsuit in Connection With the Acquisition of CPI International, Inc. by Comtech Telecommuni
July 14 2010 - 11:54AM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the Superior Court of the
State of California, County of Santa Clara, on behalf of all
shareholders of CPI International, Inc. ("CPI" or the "Company")
(NASDAQ: CPII).
The complaint asserts claims that arise from defendants' actions
in causing CPI to agree to be sold to Comtech Telecommunications
Corp. ("Comtech") in a transaction which protects and advances the
interest of CPI's directors at the expense of CPI's public
shareholders (the "Sale Agreement"). Specifically, the complaint
alleges that all CPI's directors will receive significant personal
compensation as a result of the Sale Agreement -- compensation that
they would not otherwise receive at this time absent the Sale
Agreement. According to the complaint, this conflict of interest
caused these directors to be unable to fairly and thoroughly
evaluate the Sale Agreement to ensure that it is in the best
interest of CPI and its public shareholders. The complaint also
alleges that defendants have made efforts to conceal material
information from plaintiff and CPI's other public shareholders in
conjunction with the Sale Agreement which should have been
disclosed in the Registration Statement that CPI's directors have
caused to be filed with the SEC and distributed to plaintiff and
CPI's other shareholders.
If you are a current owner of shares of CPI International, Inc.,
you may obtain additional information about this lawsuit by
contacting Brower Piven at www.browerpiven.com, by email at
piven@browerpiven.com, by calling 410/415-6701, or at Brower Piven,
A Professional Corporation, 1925 Old Valley Road, Stevenson,
Maryland 21153. Attorneys at Brower Piven have combined experience
litigating securities and class action cases of over 40 years. If
you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6701 Email Contact
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