Levi & Korsinsky, LLP Launches an Investigation into the Board of L-1 Identity Solutions – ID
Levi & Korsinsky is investigating the Board of Directors of L-1 Identity Solutions for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Safran.
New York, NY, September 22, 2010 — Levi & Korsinsky is investigating the Board of Directors of L-1 Identity Solutions, Inc. (“L-1” or the “Company”) (NasdaqGM: ID) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Safran SA (“Safran”) (EPA: SAF). Under the terms of the transaction, L-1 shareholders will receive $12.00 in cash for each share of L-1 common stock they own for a total transaction value of approximately $1.09 billion. As a condition of the deal, L-1 will first sell its government consulting services business to the U.K.’s BAE Systems PLC for around $296 million, with the proceeds being used to repay some of the group’s debt.
The investigation concerns whether the L-1 Board of Directors breached their fiduciary duties to L-1 stockholders by failing to adequately shop the Company before entering into this transaction and whether Arrow is underpaying for L-1 shares, thus unlawfully harming L-1 stockholders.
If you own common stock in L-1 and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/L1-id.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.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street – 15th Floor, New York, NY 10004 Tel: (212) 363-7500, Fax: (212) 363-7171, www.zlk.com
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Levi & Korsinsky, LLP
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212-363-7500
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