Stockholder Sues Diceon Over Takeover Offer : Litigation: The company is accused of unlawfully failing to consider the bid and of making inadequate disclosures to shareholders.
IRVINE — Diceon Electronics Inc. said Wednesday that it has been sued by a New York shareholder who alleges that the company unlawfully failed to consider a takeover offer and made inadequate disclosures in company materials provided shareholders last December.
The suit, filed last Friday by Dellaware Resources in Delaware Chancery Court, seeks unspecified damages. Diceon said the disgruntled shareholder is believed to own about 1,300 shares of Diceon stock. The Irvine computer products company has 5.2 million shares outstanding.
Dellaware Resources is managed by a partnership led by Lewis F. Camardella, said Peter Jonas, Diceon’s vice chairman.
Dellaware Resources could not be reached for comment.
In a telephone interview, Jonas said he was unaware of the suit until Tuesday, when he received a notice in the mail.
“We were surprised to receive the notice,” he said, adding that Diceon will “vigorously” contest the suit.
Jonas declined further comment on the suit.
Diceon was involved in several federal lawsuits that stemmed from an unsolicited $27.2-million takeover bid by Calvary Partners LP, a San Diego investment firm led by James Arabia. The company has said previously that legal costs and the recession contributed to a $2.7-million loss for the quarter ended June 29. Sales dropped 23% to $24.3 million.