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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Maxwell Technologies, Inc. (NASDAQGS: MXWL) to Tesla, Inc. (NASDAQ: TSLA). Under the terms of the transaction, each share of Maxwell is valued at $4.75, with each share exchanged for “a fraction of a share of Tesla’s common stock, equal to the quotient obtained by dividing $4.75 by a volume weighted average price of one share of Tesla’s common stock as reported on the NASDAQ Global Select Market for the five consecutive trading days preceding the expiration of the Offer…” Certain insiders owning an approximate 7.56% of Maxwell’s outstanding common shares have already agreed to tender their shares.
The Maxwell merger investigation concerns whether the Board of Maxwell breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Tesla, Inc. is underpaying for Maxwell shares, thus unlawfully harming Maxwell shareholders.
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