Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Goodrich Corporation (“Goodrich” or the “Company”) (NYSE: GR) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by United Technologies Corporation (“United Technologies”) in a transaction with an approximate total enterprise value of $18.4 billion.
Under the proposed agreement, Goodrich shareholders will receive $127.50 per share in cash for every share of Goodrich common stock they own.
The investigation concerns whether Goodrich’s board of directors adequately shopped the Company to obtain the best price possible for Goodrich’s shareholders before entering into the agreement with United Technologies. Indeed, according to Yahoo! Finance, at least one analyst has set a price target of $128.00 per share for Goodrich stock. Moreover, as recent as July 21, 2011, Goodrich announced its second quarter 2011 financial results wherein it reported a 17% increase in sales and an 11% increase in net income per diluted share. Commenting on the Goodrich’s performance and its outlook, Marshall Larsen, Chairman, President and CEO said, “We announced today a very significant increase in our sales and earnings expectations for 2011. For the full year of 2011, we now expect sales to be about $8.1 billion, including about $150 million in sales from the recent acquisition of Microtecnica, a growth rate of about 16 percent compared to 2010.”
If you own the common stock of Goodrich and purchased your shares before September 21, 2011, 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 Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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