Tripp Levy PLLC, a leading national securities firm, announces that a lawsuit was filed on behalf of shareholders of Isilon Systems, Inc. (NASDAQ: ISLN). On November 18, 2010, ISLN entered into a merger agreement to have EMC Corp. (NYSE: EMC) acquire Isilon’s shares for only $33.85 per share or a total transaction value of $2.25 billion.
However, in the tender offer documents that were filed, it was revealed that Isilon’s true inherent going forward value is closer to $4 billion. In addition, Isilon’s founder, Sujal Patel, is to receive over $17.5 million in connection with the merger. Further, Isilon agreed to a “top-up” option which effectively makes any shareholder vote illusory.
The investigation concerns, among other things, whether the consideration to be paid to Isilon shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Isilon. The investigation further concerns whether the board of directors of Isilon may have breached their fiduciary duties by not acting in Isilon shareholders' best interests in connection with the sale process of Isilon.
If you own Isilon common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Tripp Levy
Tripp Levy PLLC
125 East 82nd Street
9th
Floor
New York, New York
Toll Free: 877-772-3975
Email: contact@tripplevy.com
Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.
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Contacts:
Toll Free: 877-772-3975
contact@tripplevy.com
