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The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of ZRAN

02-23-2011 02:58 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Levi & Korsinsky, LLP

Levi & Korsinsky is investigating the Board of Directors of Zoran Corporation (“Zoran” or the “Company”) (Nasdaq: ZRAN) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to CSR PLC (“CSR”).

New York, NY, February 23, 2011 -- Levi & Korsinsky is investigating the Board of Directors of Zoran Corporation (“Zoran” or the “Company”) (Nasdaq: ZRAN) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to CSR PLC (“CSR”). Under the terms of the agreement, Zoran stockholders will receive 1.85 ordinary shares of CSR in the form of American Depositary Shares for each share of Zoran stock they own for a total transaction value of approximately $679 million. CSR also plans to return up to $240 million to shareholders via an on-market share buyback program.

Click here to learn more about the investigation: http://www.zlk.com/zoran-corporation-zran, or call: 877-363-5972.

The investigation concerns whether the Zoran Board of Directors breached their fiduciary duties to Zoran stockholders by failing to adequately shop the Company before entering into this transaction and whether CSR is underpaying for Zoran shares, thus unlawfully harming Zoran stockholders. In particular, Ramius LLC, one of the largest shareholders of Zoran with beneficial ownership of 9.3% of the shares outstanding, stated it believes the transaction may undervalue Zoran and questioned whether the transaction was the result of a full and fair sale process to maximize value for all Zoran shareholders.

If you own common stock in Zoran and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/zoran-corporation-zran.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com

Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St, 15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
http://www.zlk.com

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

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