NEW YORK, Feb. 24, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Hifn, Inc. ("Hifn" or the "Company") (Nasdaq:HIFN) arising out of their attempt to sell the Company to Exar Corporation ("Exar"). Under the terms of the proposal, Hifn's shareholders would be able to elect to receive (i) $1.60 cash and 0.3529 Exar shares for every Hifn share they own, or (ii) $4.00 in cash. The transaction is unfair given that, among other things, the Company's shares traded above $4.00 per share as recently as September 3, 2008 and analysts set a mean price target of $5.50 per share. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in Hifn and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/hifn.html
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.