FONAR CORP
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Fonar Corp. (FONR) reported earnings of $1.6 million, or 24 cents per share, for its fiscal third quarter. The MRI scanner designer generated revenue of $26.5 million during the period. This financial summary was generated using data from Zacks Investment Research.
Ademi LLP is investigating FONAR (NASDAQ: FONR) regarding potential breaches of fiduciary duty and other legal violations stemming from its recently announced transaction. This transaction involves Timothy Damadian and an acquisition group including FONAR's management and board members, where stockholders will receive varying amounts per share depending on the stock class. The firm is examining whether the board fulfilled its duties to all shareholders, given the terms that appear to limit competing bids and provide substantial benefits to insiders.
FONAR Corporation has signed a definitive agreement for a "take private" sale to an acquisition group led by CEO Timothy Damadian. Stockholders will receive $19.00 per share for common stock in an all-cash transaction, representing a 31.5% premium over the closing price prior to the announcement. The transaction, valued at approximately $90 million, is expected to close in the third fiscal quarter of 2026, after which FONAR's common stock will no longer be listed on Nasdaq.
