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Article: Levi & Korsinsky LLP Investigates Board of Hi-Shear Technology Corp. - HSR.
- Article from:
- Information Technology Business
- Article date:
- October 13, 2009
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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 ...