Bell Microproducts Directors defend litigation seeking to enjoin acquisition of company by Avnet
Clients Board of Directors of Bell Microproducts, Inc.
Jones Day represents the Board of Directors of Bell Microproducts, Inc., W. Donald Bell, Gordon A. Campbell, Glenn E. Penisten, Edward L. Gelbach, James E. Ousley, Eugene B. Chaiken, David M. Ernsberger, Peter G. Hanelt, William E. Meyer, and Mark L. Sanders in nine shareholder class actions which seek to enjoin the acquisition of Bell Micro by Avnet, Inc. The complaints, filed in the Superior Courts of the State of California for Santa Clara and San Mateo Counties seek to enjoin the transaction, alleging that: (i) the Directors breached their fiduciary duties to the class by agreeing to sell Bell Micro using an allegedly unfair process, resulting in an allegedly unfair price; (ii) the individual defendants breached their fiduciary duties of disclosure; and (iii) Avnet aided and abetted in these breaches of fiduciary duty.
In re Bell Microproducts, Inc. Shareholders Litigation, Case No. 1-10-CV-171341 (Santa Clara County Superior Court, Cal.)