A San Diego investor advocacy group is searching for Hypercom Corp. investors who feel jilted after the Scottsdale, Ariz., vendor turned down an unsolicited bid for more than $280 million.
Shareholders Foundation Inc. announced Wednesday an "investigation on behalf of investors of Hypercom Corp. over possible breaches of fiduciary duties."
Last week, VeriFone Systems Inc. announced a bid to buy rival Hypercom at $5.25 per share. Less than a day later, Hypercom turned down the offer, saying the price undervalued the company. Hypercom's shares have been trading in the $3 to $5 range for much of this year and have not cracked $6 since 2007.
This was the second unsolicited bid Hypercom's board has rejected in recent years.
The French terminal maker Ingenico SA offered to buy Hypercom in 2008 at $6.25 per share.