NEW YORK, March 01, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, has launched an investigation into whether officers or directors of ‘Universal Security Instruments, Inc. (NYSE: UUU) (“USI”) breached its fiduciary duties or violated federal securities laws in connection with the company’s merger with Infinite Reality, Inc.
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On February 25, 2022, USI announced that it had entered into a merger agreement with Infinite Reality. Pursuant to the merger agreement, after the merger closes, Infinite Reality shareholders will own approximately 97% of USI’s outstanding common stock and pre-merger USI shareholders will retain ownership of approximately 3%. outstanding shares of USI. The deal is expected to close in the second quarter of 2022.
Bragar Eagel & Squire is concerned that USI’s board oversaw an unfair process and ultimately agreed to an inadequate merger deal. Accordingly, the company is reviewing all relevant aspects of the agreement and is committed to ensuring the best possible outcome for USI shareholders.
If you own USI stock and are concerned about the proposed merger, or would like to know more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at address [email protected] or by phone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation before state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.
Bragar Eagel & Squire, CP
Melissa Fortunato, Esq.
Alexandra Raymond, Esq.