Levi & Korsinsky LLP Investigates Board of Hi-Shear Technology Corp. - HSR
NEW YORK-(Business Wire)-September 23, 2009 - Levi & Korsinsky is investigating the Board of Directors of Hi-Shear Technology Corp. (“Hi-Shear” or the “Company”) (AMEX: HSR) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Chemring Group PLC. Under the terms of the agreement, Hi-Shear shareholders will receive $19.18 in cash for each share of Hi-Shear common stock they own for a total transaction value of approximately $132 million.
For the fiscal year ending May 31, 2009, Hi-Shear had revenues of $13.648 million and net income of $6.676 million, as compared to revenues of $12.801 million and net income of $3.540 million for the fiscal year ending May 31, 2008. The investigation concerns whether the Hi-Shear Board of Directors breached their fiduciary duties to Hi-Shear shareholders by selling the Company and agreeing to a no solicitation provision and a $4 million termination fee.
If you own common stock in Hi-Shear and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/hsr1.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.
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