WeissLaw LLP announced that a class action was commenced in the United States District Court for the Northern District of Georgia on behalf of shareholders of Numerex Corp. (“Numerex”) (NASDAQ: NMRX) seeking to pursue remedies under the Securities and Exchange Act of 1934 (the “Exchange Act”) in connection with the proposed acquisition of Numerex by Sierra Wireless, Inc. (“Sierra Wireless”) (NASDAQ: SWIR) (TSX: SW).

 

On August 3, 2017, Numerex and Sierra Wireless announced that they had entered into a definitive merger agreement pursuant to which Sierra Wireless will acquire all outstanding shares of Numerex in a stock-for-stock merger transaction (the “Transaction”). The equity value of the Transaction is approximately $107 million based on Sierra Wireless’ closing stock price on August 1, 2017 of $29.65 per share. Under the terms of the agreement, Numerex shareholders will receive a fixed exchange ratio of 0.1800 common shares of Sierra Wireless for each share of Numerex common stock.

 

The plaintiff is represented by WeissLaw, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.  The complaint seeks injunctive relief on behalf of the named plaintiff and all Numerex shareholders.  The complaint alleges that in an attempt to secure shareholder approval for the merger, the defendants filed a materially false and/or misleading Registration Statement with the SEC in violation of the Exchange Act. The omitted and/or misrepresented information is believed to be material to Numerex shareholders’ ability to make an informed decision whether to approve the Transaction.

 

If you wish to serve as lead plaintiff, you must move the Court no later than sixty (60) days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Joshua M. Rubin of WeissLaw at 888.593.4771, or by e-mail at stockinfo@weisslawllp.com.  Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing please email us at stockinfo@weisslawllp.com.