CHESTNUT RIDGE, N.Y.,
July 20, 2012 /PRNewswire/ -- LeCroy
Corporation (NASDAQ:LCRY) ("LeCroy") announced today that, on
July 19, 2012, the previously
announced class action lawsuit filed against LeCroy in June 2012 by Robbins Geller Rudman & Dowd LLP
in the United States District Court Southern District of
New York was voluntarily dismissed
by the plaintiff, with prejudice. Neither the Plaintiff nor
its counsel received any payment in connection with the dismissal
of the case.
The plaintiff's decision voluntarily to dismiss the case
followed a ruling by the court, on July 13,
2012, favorable to LeCroy. At the hearing held that
day, the court refused either to schedule a preliminary injunction
hearing or to allow the plaintiff to take expedited discovery,
stating in pertinent part as follows: "[P]laintiff has failed
to assert any plausible arguments to support her claim that the
individual defendants failed to include material information in the
definitive proxy statement."
"We are gratified that the Court recognized the weakness in the
plaintiff's claims, which we firmly believe were completely without
merit," stated Thomas H. Reslewic,
President and Chief Executive Officer of LeCroy.
Jordan D. Hershman, Co-Chair of
the Securities Litigation Group at Bingham McCutchen LLP, served as
lead counsel to LeCroy in the litigation.
About LeCroy Corporation
LeCroy Corporation is a worldwide leader in serial data test
solutions, creating advanced instruments that drive product
innovation by quickly measuring, analyzing and verifying complex
electronic signals. LeCroy offers high-performance oscilloscopes,
serial data analyzers and global communications protocol test
solutions used by design engineers in the computer, semiconductor
and consumer electronics, data storage, automotive and industrial,
telecommunications and military and aerospace markets. LeCroy's
48-year heritage of technical innovation is the foundation for its
recognized leadership in "WaveShape Analysis" - capturing, viewing
and measuring the high-speed signals that drive today's information
and communications technologies. LeCroy is headquartered in
Chestnut Ridge, New York.
Additional Information and Where to Find It
On July 5, 2012, LeCroy filed with
the Securities and Exchange Commission (the "SEC") a Proxy
Statement in connection with the proposed transaction pursuant to
that certain merger agreement, dated as of May 28, 2012, by and between LeCroy, Teledyne
Technologies Incorporated ("Teledyne") and Luna Merger Sub, Inc., a
wholly owned subsidiary of Teledyne, whereby LeCroy would become a
wholly-owned subsidiary of Teledyne. On or about July 5, 2012, LeCroy mailed the Proxy Statement
to its stockholders of record as of the close of business on
July 3, 2012. The Proxy
Statement contains important information about LeCroy, Teledyne,
the transaction and related matters. Investors and security holders
are urged to read the Proxy Statement carefully. Investors
and security holders are able to obtain free copies of the Proxy
Statement and other documents filed with the SEC by LeCroy through
the web site maintained by the SEC at www.sec.gov.
In addition, investors and security holders are able to obtain
free copies of the Proxy Statement from LeCroy by contacting LeCroy
Corporation, 700 Chestnut Ridge Road, Chestnut Ridge, NY 10977, Attn: Investor
Relations or by calling (845) 425-2000.
Investors and security holders are urged to read all relevant
documents filed with the SEC, including the Proxy Statement,
because they contain important information about the proposed
transaction.
Participants in Solicitation
LeCroy and Teledyne and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from LeCroy's stockholders with respect to the transactions
contemplated by the merger agreement. Information regarding
LeCroy's directors and executive officers is contained in LeCroy's
Annual Report on Form 10-K for the year ended July 2, 2011, its proxy statement dated
September 15, 2011, and its Current
Report on Form 8-K filed September 15,
2011, which are filed with the SEC. As of July 3, 2012, LeCroy's directors and officers
beneficially owned approximately 935,653 shares, or 5.47%, of
LeCroy's common stock. Additional information regarding the
interests of the participants in the solicitation of proxies in
connection with the transaction is included in the Proxy
Statement.
Investor
Contact:
|
Sean B.
O'Connor
LeCroy Corporation
(845) 425-2000
|
SOURCE LeCroy Corporation