The Ixia (NASDAQ:XXIA) board of directors is being investigated by Harwood Feffer LLP over the Keysight Technologies Inc (NYSE:KEYS) planned takeover of the company. In the proposed acquisition by Keysight Technologies Inc, Ixia is to be acquired in a deal that is worth around $1.6 billion. The shareholders of Ixia would get approximately $19.65 in cash for every share held.
Fiduciary duties
Hardwood Feffer LLP is conducting the investigation because it is concerned that the board of directors of Ixia might not be acting in the best interests of shareholders. The law firm has reservations over whether the board of directors is meeting its fiduciary duties as far as maximizing the value of the firm is concerned. Additionally, Harwood Feffer LLP has concerns over whether the board has fulfilled its fiduciary duties with regards to the disclosure of all material costs and benefits as well as in obtaining fair and full consideration for the stockholders of Ixia.
Individuals who own shares of Ixia and require more information or need to discuss the aforementioned matter, or have certain questions regarding their interests and rights as pertains to the matter being investigated should contact Harwood Feffer LLP.
As a law firm that has been representing the rights of institutional and individual investors, Harwood Feffer has also served as a lead counsel in multiple cases in state and federal courts. Besides the current Ixia investigation, the law firm is also investigating board of directors of The Southern Company with regards to whether the board has fulfilled its fiduciary duties as expected of it by the shareholders.
SEC Investigation
More than half a year ago, reports appeared in the media claiming that the financial controls and disclosures of The Southern Company were being investigated by the U.S. Securities and Exchange Commission. The same reports indicated that a whistleblower had claimed that the public disclosures of The Southern Company were false and misleading and made to give an untrue positive impression.
Harwood Feffer is also at the same time involved in an investigation of the Stonegate Mortgage Corporation over plans for the firm to be acquired by Home Point Financial Corporation.
In Monday’s trading, shares of Ixia jumped 6.87 percent to close the day at $19.45.