SOURCE: Shareholders Foundation, Inc.

Shareholders Foundation, Inc.

December 19, 2011 09:35 ET

Novellus Systems, Inc. Investor Lawsuit Against Merger With Lam Research Corporation Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Dec 19, 2011) - The Shareholders Foundation, Inc. announces that an investor filed a lawsuit in State Court for current investors in the Novellus Systems, Inc. (NVLS) in effort to block the proposed merger of Novellus Systems, Inc. with Lam Research Corporation.

Those who currently are investors in shares of Novellus Systems, Inc. (NVLS) and purchased their NVLS shares before December 15, 2011 have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

On Thursday, December 15, 2011, Lam Research Corp. (LRCX) announced that it has entered into a merger agreement to acquire Novellus Systems, Inc. (NVLS) in an all-stock transaction valued at approximately $3.3 billion. Under the terms of the proposed transaction, Novellus Systems stockholders will receive 1.125 shares of Lam Research common stock for each share of Novellus Systems that they own, in a tax-free exchange. Based on the closing price of Lam Research's stock on December 14, 2011, the transaction values Novellus at a price of $44.42 per common share. Following the takeover proposal shares of Novellus Systems, Inc. (NVLS) jumped from $34.71 on Wednesday to $42.49 per share on Thursday.

However, the plaintiff alleges that the offer undervalues Novellus Systems, Inc. In fact, shares of Novellus Systems (NVLS) traded as high as $41.69 per share as recently as March 2011, leaving certain Novellus stockholders with only a meager premium. Furthermore, NVLS shares grew at an exceptional growth rate from as low as $11.28 in Nov 2008 to over $41 per share in March 2011.

Those who currently are investors in shares of the Novellus Systems, Inc. (NVLS) and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108