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This is a Press Release edited by StorageNewsletter.com on November 17, 2010 at 3:30 pmThe Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Isilon Systems, Inc. related to the proposed acquisition of Isilon by EMC Corporation.
The definitive acquisition agreement, which was announced on November 15, 2010, involves a transaction valued at approximately $2.25 billion. Under the proposed acquisition, Isilon shareholders will receive a cash payment of $33.85 for each share of Isilon/ISLN common stock they hold. Based on the steady rise in Isilon’s stock price over the prior year, and other factors, the proposed transaction may not adequately value Isilon/ISLN shares.
The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Isilon for approving this transaction and whether Isilon’s Board of Directors acted in the shareholders’ best interests and properly shopped the deal.