Investors Sue RAE Over Battery Ventures Deal

Law360, New York (November 5, 2010, 4:40 PM EDT) -- A class of shareholders of RAE Systems Inc. has sued the radiation detector maker, its executives and the technology investment company slated to buy it at $1.60 per share, saying the defendants unfairly took advantage of a temporary stock drop spurred by a federal investigation.

The offer, announced in September by Waltham, Mass.-based Battery Ventures Inc., represented an 85.1 percent premium on RAE's 30-day average of just 86 cents per share, according to a complaint lodged Monday in the U.S. District Court for the Northern District...
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