Cybex says investor seeking class action status has commenced suit

theflyonthewall.com

Cybex reports that a single shareholder seeking class action status has commenced a suit, Guziec v. Cybex International, Inc. et al, in the Supreme Court of the State of New York, County of New York, naming the company and its directors as defendants. The action alleges, among other things, that the defendants breached their fiduciary obligations to the Company’s shareholders by entering into the previously announced Agreement and Plan of Merger pursuant to which all of the Company’s outstanding common stock held by its public shareholders would be converted into $2.55 per share cash in a “going private” merger transaction. Plaintiff seeks an unspecified amount of damages and to enjoin the company from proceeding with the proposed transaction. Consummation of the merger transaction is subject to various conditions, including approval of the Merger Agreement at a Special Shareholders Meeting anticipated to be held in the first quarter of 2013. The company believes the action is without merit and will vigorously pursue its defense.

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