Emulex Corp. to Start Repurchasing Stock
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Costa Mesa-based Emulex Corp. said Monday it will begin repurchasing as much as 15%, or 2 million shares, of its outstanding common stock because of its current “depressed value.”
The price of the computer parts manufacturer’s stock in over-the-counter trading has declined over the last two years as the company has fought a legal battle with Digital Equipment Corp., a Costa Mesa competitor, over trade secrets and patent infringement, said Michael J. Lewis, Emulex’s chief financial officer.
Emulex said it would make the purchases from time to time through transactions in the open market. On Monday the company’s stock closed at $7.50, up 50 cents.
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