SMART Modular Technologies (SMOD)

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#4 Law Office of Jonathan M. Stein, P.L., Investigates Possible Breach of Fiduciary Duty by the Board of SMART Modular Technologies (WWH), Inc.

Press Release Source: The Law Office of Jonathan M. Stein, P.L. On Tuesday April 26, 2011, 12:47 pm EDT

BOCA RATON, Fla.--(BUSINESS WIRE)-- The Law Office of Jonathan M. Stein, P.L. is investigating the Board of Directors of SMART Modular Technologies (WWH), Inc. ("SMART" or the "Company") (Nasdaq:SMOD - News) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to complete a sale of the Company to Silver Lake Partners and Silver Lake Sumeru. Under the terms of the proposed transaction, SMART shareholders are to receive $9.25 in cash for each share they own, for a total transaction value of about $645 million.



The investigation involves whether the Board of Directors of SMART breached their fiduciary duties to SMART stockholders by failing to adequately shop the Company before agreeing to enter into the transaction and whether SMART has disclosed all material information to shareholders about the proposed transaction. Of particular interest, SMART shares have increased over 42% just this year, from $5.76 on December 31, 2010 to $8.18 on April 25, 2011, and according to Yahoo Finance, at least one analyst has set a price target of $11.00 per share for SMART stock. Further, Ajay Shah, a Director and the Chairman of the Board of SMART, is also the founder and Managing Director of the Silver Lake Sumeru Fund.