OPINION-
With at least six prospective class action
lawsuits, filed or pending, (See below) API shareholders are being bombarded with
solicitations to join class action lawsuits challenging the terms of the
proposed merger of Advanced Photonix, with Luna Innovations, Inc.. Long-time
shareholders are "wringing their hands" on whether to join one of these actions,
and who could blame them? I know I am. The terms of the merger don't appear to the retail community to be fully transparent,
there are lots of unanswered questions, and it appears that the much hated API Board of Directors stands to come out of the merger with a huge wind-fall in
the form of options. One Director, Donald Pastor, who did not receive the support
of a majority of shareholders at the last annual Board election, is proposed by API, as a
member on the post-merger Luna Board. Talk about adding insult to shareholder’s
injury!
2014 voting results can be found here:
The 2013 voting results can be found here:
http://terahertztechnology.blogspot.com/2013/08/summary-of-votes-at-advanced-photonix.html
http://terahertztechnology.blogspot.com/2013/08/summary-of-votes-at-advanced-photonix.html
One very, very longtime shareholder who has
been around since circa. 1999, who posts on investment message boards dealing with API under the alias, numbrcruntchr, and who is well known and liked in the API investment community
publicaly indicated he was joining the class-action lawsuit.
numbrcruntchr • 5
hours ago Flag
o
Reply
My
Take
For what it's worth.
If anyone can remember if it was 2 or 3 years ago at the August stockholders
meeting, and I believe Kurtz said something to the effect that stock price
wasn't important....not quoting, but that was my recollection. I remember
because I was the 3rd or 4th person that asked a question referring to stock
price and he was a bit upset at the questioning... I would appreciate it if
anyone has that documentation at hand.
I'm making my decision to go with the lawyer. I don't think this company has ever done the stockholders justice.
I think the BOD and Top key people were over paid for this size of company and now are walking away by selling at an under value price.
This is just my opinion and not anything more.
I'm making my decision to go with the lawyer. I don't think this company has ever done the stockholders justice.
I think the BOD and Top key people were over paid for this size of company and now are walking away by selling at an under value price.
This is just my opinion and not anything more.
-------------------
One other long, time loyal investor shared with an API forum of investors via email:
“I will let karma take revenge for me.
Seems like the Christian thing to do.;)”
He got the following response from another long
time investor:
I agree with the Karma statement!! As a poor
sucker that has 300,000 shares of this dog, I want it to succeed and hope this
new management team can get it done. Since we really have no choice except to
give them a chance, I see no advantage to making things harder on them for a
few cents. Despite all the negativity about management, I still have belief in
the technology. It will be, what it will be! Hope all of us can look back
shortly and come out smelling like a rose!
_____________
These two viewpoints, join in the lawsuit, and
end the misery, or alternatively hang-in and see if the wonderful technology API has created can
finally come to fruition, appear to cover the existing sentiment.
I am “waffling” back and forth between the two
positions. I can say that it’s very likely if I join the class action there
will be millions of shares that follow me in that direction. I will keep readers posted.
I would like API
to let us know the specific amount of compensation, the Officers and Directors
are going to receive. I’d like to know why management felt it was in the
investment communities best interest to keep Donald Pastor on as a Director for
Luna. I’d like to know what B.Riley Investment thinks of the merger. I have to
assume that the current excellent engineering staff Irl Duling, et. al. will
stay on, (but if not, then I'm gone) but what about Rob Risser and Steve Williamson?
I’d love to hear what blog readers would like
to know.
The following is a list of lawsuits or
investigations by law-firms that have been announced:
·
ADVANCED PHOTONIX, INC. SHAREHOLDER ALERT: Former SEC
Attorney Willie Briscoe and Powers Taylor LLP Investigate Sale to Luna
Innovators IncorporatedBusiness Wire (Wed
1:18PM EST)
o
PR Newswire
o
Wed Feb 04 2015
o
PR Newswire
o
Tue Feb 03 2015
o
PR Newswire
o
Tue Feb 03 2015
o
PR Newswire
o
Tue Feb 03 2015
·
o
Business Wire
o
Tue Feb 03 2015
o
Business Wire
o
Mon Feb 02 2015
·
Business Wire
·
Mon Feb 02 2015
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