SOURCE: Brower Piven, A Professional Corporation

January 21, 2011 13:30 ET

Brower Piven Announces Class Action Lawsuit in Connection With the Acquisition of Sonic Solutions by Rovi Corporation

STEVENSON, MD--(Marketwire - January 21, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the California Superior Court, Marin County, on behalf of all shareholders of Sonic Solutions ("Sonic") (NASDAQ: SNIC). 

The claims asserted in the complaint arise from the proposed buyout of Sonic by Rovi Corporation ("Rovi"). On December 22, 2010, Sonic entered into an Agreement and Plan of Merger and Reorganization with Rovi and Sparta Acquisition Sub, Inc., a wholly-owned subsidiary of Rovi. Pursuant and subject to the terms of the merger agreement, Sonic shareholders may elect to receive either $14.00 or 0.2489 shares of Rovi common stock for each share they own of Sonic common stock.

The complaint alleges that the members of Sonic's board of directors breached their fiduciary duties of care and loyalty by, among other things, failing to maximize shareholder value and by approving the merger transaction via an unfair process. The complaint alleges that Rovi and Sparta Acquisition Sub aided and abetted the breach of fiduciary duties. The complaint seeks to enjoin the acquisition of Sonic by Rovi, rescission of the transaction in the event it is consummated, imposition of a constructive trust, and monetary damages, fees, and costs.

If you are a current owner of shares of Sonic, you may obtain additional information about this lawsuit by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact