SpaceDev Investigated for Alleged Stock Buyout Violations
[Satellite Today 10-31-08] Levi and Korsinsky, a law firm specializing in prosecuting investor securities litigation, is investigating alleged breaches of fiduciary duty and other violations by the board of directors of SpaceDev Inc., the law firm announced Oct. 30.
According to Levi and Korsinsky, the investigation stems from SpaceDev’s attempt to sell the company to Sierra Nevada Corp. SpaceDev reached an agreement on Oct. 20 to be acquired by privately held Sierra Nevada for the gross purchase price of $38 million in cash. The transaction has been approved by SpaceDev’s board and will be presented to SpaceDev’s stockholders for a vote in December.
Levi and Korsinsky claims the price is unfair given that the SpaceDev’s shares closed at $0.70 as recently as Jun. 18. and that the sales process the SpaceDev conducted was flawed given that the company’s board agreed to a $1.5 million termination fee which will ensure no superior offer will ever be forthcoming.