LaserCard Shareholder Sues To Block Sale

Law360, New York (January 4, 2011, 8:41 PM EST) -- A LaserCard Corp. shareholder has filed a putative class action seeking to block Swiss lock maker Assa Abloy AB's proposed acquisition of the company, saying the deal was the result of an unfair auction process.

The suit, filed Monday in the Delaware Court of Chancery, alleges that directors of identification card maker LaserCard breached their fiduciary duty to shareholders by agreeing to a $6.25 per share offer from Assa Abloy after the abbreviated auction.

The company then failed to disclose relevant facts about the auction and...
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