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Article Excerpt
Byline: Ken MacFadyen
The Dow Jones Industrial Average, as of the end of May, was still showing a more than 33% decline year over year. To some deal pros, that kind of falloff screams opportunity. As it turns out, class-action lawyers are on the same page.
In the first four and a half months of this year, nine taking-private acquisitions were sealed. Of those, eight attracted lawsuits. Deals for Pharmanet Development Group, Entrust Technologies, Cox Radio, Gevity HR and I-many Inc., among others, were all targeted by a pack of class-action law firms. It has become typical today that as soon as a deal is announced, an ensuing "investigation" is publicized as early as a day later by one or more of the class-action specialists.
When NetApp agreed to acquire Data Domain on May 20, for instance, law firms Brodsky & Smith LLP and Levi & Korinsky LLP initiated an investigation within a mere 24 hours....
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