Published:
Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of Scopus Video Networks Ltd.
NEW YORK, Jan. 7, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Scopus Video Networks Ltd. ("Scopus" or the "Company") arising out of their attempt to sell the Company to Harmonic, Inc. ("Harmonic"). Under the terms of the agreement, shareholders of Scopus will receive $5.62 cash for each share of Scopus they own. The total transaction value is $51 million. The transaction is unfair, given that, among other things, on November 10, 2008 the Company announced record results for the third-quarter 2008 of $19.9 million -- a 31% increase from the $15.2 million reported in the third quarter of 2007 and because Harmonic has already received voting agreements in favor of the proposed transaction of approximately 50% of SCOP's outstanding shares thereby rendering the proposed transaction a fait accompli.
If you own common stock in Scopus and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/scop.html
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
CONTACT: Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
Juan E. Monteverde, Esq.
(212) 363-7500
Fax: (212) 363-7171
www.zlk.com
39 Broadway, Suite 1601
New York, NY 10006
Tags: ,LegalServices,LAW,LEGAL,Law&, LegalIssues,NASDAQ01
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