The board of AuthenTec is under investigation by New York-based law firm Levi & Korsinsky following its pending acquisition by Apple. In a note to AuthenTec investors this morning, the firm said it is looking into whether the company broke any laws, and “adequately” shopped it around to potential buyers before selling to Apple.
“The claims concern whether the AuthenTec Board of Directors breached their fiduciary duties to AuthenTec stockholders by failing to adequately shop the Company before entering into this transaction and whether Apple is underpaying for AuthenTec shares, thus unlawfully harming AuthenTec stockholders,” the firm said in a statement.
This proposed purchase has some interesting timing, considering this press release by AuthenTec…
“MELBOURNE, Fla., July 16, 2012 – AuthenTec (NASDAQ:AUTH), a leading provider of mobile and network, today announced that Samsung has chosen its QuickSec™ VPN security for use in new Android smartphone and tablet models. AuthenTec’s QuickSec Mobile VPN Client for Android enhances secure communication through an Internet Protocol Security (IPsec) based VPN client which is integrated in Samsung smartphones and tablets. The integration of AuthenTec’s VPN client means that Samsung Galaxy users now have built-in security and can more easily and safely connect to enterprise networks to access resources without sacrificing mobility.”