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TomoTherapy Incorporated Shareholder Investigation by Briscoe Law Firm Concerning Sale to Accuray Incorporated a" TOMO

^{Published on 2011-03-07 10:40:15 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of TomoTherapy Incorporated (aTomoTherapya or aTOMOa) (NASDAQ: TOMO) related to the proposed buyout of TomoTherapy by Accuray Incorporated (aAccuraya) (NASDAQ: ARAY). The definitive merger agreement, which was announced on March 7, 2011, involves a stock and cash transaction valued at approximately $277 million. Under the proposed buyout, TomoTherapy shareholders will receive $3.15 in cash and a fixed-ratio of 0.1648 shares of Accuray stock for each share of TomoTherapy/TOMO common stock they hold. The transaction is expected to close in the second quarter of 2011.

The investigation relates to the fairness of the proposed transaction to TomoTherapy shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of TomoTherapy for approving this transaction, and whether TomoTherapya™s Board of Directors acted in the shareholdersa™ best interests. In addition, the firms seek to determine through their investigation whether TomoTherapya™s Board of Directors obtained the best value for shareholders, adequately considered all viable alternatives, and properly shopped the company before entering into the acquisition agreement with Accuray.

The transaction reportedly represents a value of $4.80 per share to TomoTherapy shareholders. However, at least one analyst has set a target price of $5.00 per share for TomoTherapy/TOMO stock, and TomoTherapy shares closed at nearly $4.00 per share as recently as October 2010. Based on these and other factors, the firms do not believe that the acquisition price is fair to TomoTherapy shareholders.

If you currently own shares of TomoTherapy/TOMO and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.