updated 09:46 pm EDT, Fri July 27, 2012
Board of directors of AuthenTec accused of price manipulation
Following Apple's announcement yesterday of its $356 million acquisition of biometrics and near-field communications company AuthenTec, two law firms are investigating the acquired company's board of directors for potential public undervaluations prior to its sale to Apple. Even the allegation of such impropriety could delay the acquisition of the company, according to federal rules. Neither company has released a statement on the accusations.
According to one of the investigating law firms, Levi & Korsinsky, the investigation is centering on whether the 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."
AuthenTec makes fingerprint sensor chips used in computers, and various other forms of security software and chips for cellphones; some of the company's clients include Dell, Fujitsu, Lenovo, and Samsung. Notably, the company also produces chips involved in near-field communication (NFC) technologies.