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November 17, 2009
HP-3Com deal challenged by lawsuit
Shareholder claims HP's $2.7 billion bid undervalues 3Com
By Jim Duffy
According to blog TechCrunch, a lawsuit filed last Thursday in a Delaware court claims 3Com is undervaluing itself. The action was filed by New York bankruptcy attorney David Shaev on behalf of 3Com shareholders.
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In the filing, Shaev claims 3Com breached its fiduciary duties to shareholders by accepting the $2.7 billion offer, which values 3Com stock at $7.90 per share. The complaint names the entire 3Com board of directors as defendants and alleges that they are "attempting to deceive 3Com shareholders and unfairly deprive them of the true value of their investment in the company," according to the TechCrunch post.
3Com was not immediately available for comment.
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