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Quotes & Info
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| CYBI > SEC Filings for CYBI > Form 8-K on 31-Jan-2013 | All Recent SEC Filings |
31-Jan-2013
Other Events
1. Cybex International, Inc. ("Cybex" or the "Company") provides an update with respect to Guziec v. Cybex International, Inc. et al, the previously disclosed class action suit pending in the Supreme Court of the State of New York, County of New York. This case has been consolidated with two other lawsuits in one action captioned In Re Cybex International, Inc. Stockholders Litigation, Case No. 653794/2012 (N.Y. Sup. Ct.). This action alleges, among other things, that the defendants, which include Cybex and its directors, breached their fiduciary obligations to the Company's shareholders by entering into the Agreement and Plan of Merger ("Merger Agreement") pursuant to which all of the Company's outstanding common stock held by its public shareholders would be converted into $2.55 per share cash in a "going private" merger transaction. A hearing has been scheduled by the Court for Tuesday, February 5, 2013 to consider the Plaintiff's motion to enjoin the vote of the Company's shareholders at the Special Meeting of Shareholders called to approve the Merger Agreement which is to be held Wednesday, February 6, 2013 ("Special Meeting"). The Company believes both the suit and the pending motion are without merit and will vigorously pursue its defenses.
2. Cybex also reports that a preliminary count of the proxies received as of January 30, 2013 with respect to the Special Meeting indicates that proxies representing approximately 79% of the outstanding shares of Cybex common stock have been voted, including 59% of outstanding shares held by the public shareholders. Of the proxies received to date from the public shareholders, over 95% have been voted in favor of the merger.
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