BALA CYNWYD, Pa., April 20, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of InFocus Corporation ("InFocus" or the "Company") (Nasdaq:INFS) relating to the proposed acquisition by Image Holdings Corporation ("Image Holdings") and IC Acquisition Corp., an Oregon corporation and a wholly owned subsidiary of Image Holdings. Image Holdings has agreed to acquire InFocus in an all-cash deal valued at approximately $39 million.
Under the proposed agreement, InFocus shareholders will receive $0.95 for every share of InFocus common stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the InFocus board's approval of the proposed merger. The transaction appears to be unfair, in part, given that InFocus stock was trading at over $1.40 a share as recently as September 2008 and that the merger agreement provides that InFocus would be required to pay Image Holdings a termination fee of $1.2 million and reimburse expenses up to $750,000.
If you own shares of InFocus and wish to discuss the legal ramifications of the proposed acquisition by Image Holdings, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.