BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Palm, Inc. (“Palm” or the “Company”) (NASDAQ:PALM) related to the Company’s agreement to be acquired by Hewlett-Packard Company (“HP”). The proposed transaction is valued at approximately $1.2 billion.
Under the terms of the definitive merger agreement entered into by the parties, Palm stockholders will receive $5.70 in cash for each share of Palm common stock they own. Palm shares traded above $5.70 as recently as March 2010, and the Company’s shares traded at $17.27 per share as recently as October 2009. The transaction is expected to be completed during HP’s third fiscal quarter ending July 31, 2010. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the transaction by Palm’s board of directors.
If you own shares of Palm, Inc., if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.