PHILADELPHIA, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating potential legal claims on behalf of former CMC Materials, Inc. (“CMC”) investors who received shares of Entegris, Inc. ( ENTG) common stock in July 2022.
On December 15, 2021, Entegris announced that it would acquire CMC in a transaction valued at $6.5 billion. According to the announcement, CMC shareholders would receive $133.00 in cash and 0.4506 shares of Entegris common stock for each share of CMC common stock that they owned. On that day, shares of Entegris stock closed at $142.54 per share.
On July 6, 2022, Entegris completed its acquisition of CMC, and announced that it had issued 12.9 million shares of Entegris common stock to CMC investors. By that time, shares of Entegris’ common stock had declined to trade below $100.00 per share, making the consideration that CMC investors received less valuable than at the time the transaction was announced.
On November 2, 2022, Entegris issued a press release announcing its financial and operational results for the third quarter of 2022. Therein the company reported revenue and earnings per share (EPS) below estimates, and forecast fourth quarter 2022 revenue to also be below estimates. Following this news, shares of Entegris’ common stock declined $16.85 per share, or over 20% in value, to close on November 2, 2022 at $63.51 per share.
Former CMC investors who received shares of Entegris stock in July 2022 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email ([email protected] / [email protected]) or online at https://kaskelalaw.com/cases/cmc-materials/ , for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750