BALA CYNWYD, PA / ACCESSWIRE / March 2, 2017 / Law office of Brodsky & Smith, LLC today announced that on February 24, 2017, a class action was commenced on behalf of all holders of InvenSense, Inc. ("InvenSense" or the "Company") (INVN) common shares in the United States District Court for the Northern District of California relating to the proposed acquisition by TDK Corporation ("TDK") (the "Proposed Transaction").
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The complaint charges InvenSense and the Board of Directors of InvenSense (the "Board"), with violations of the Securities Exchange Act of 1934 ("1934 Act") and Sections 14(a) and 20(a) promulgated thereunder, as well as for breaches of fiduciary duties. The complaint further asserts claims against TDK. If you are an InvenSense common shareholder and wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
InvenSense designs, develops, manufactures, markets, and sells sensor systems on a chip in the United States, China, Taiwan, South Korea, Japan, France, Canada, Slovakia, and Italy. The Company offers accelerometers, gyroscopes, and microphones for the mobile, wearable, smart home, gaming, industrial, and automotive market segments.
The complaint alleges that InvenSense, the Board, TDK and TDK Sensor Solutions Corporation ("Merger Sub") breached their duties, and/or aided and abetted such breaches, in connection with their attempt to consummate the Proposed Transaction pursuant to an unfair process and for an unfair price. In addition, the complaint alleges that defendants disseminated a false and misleading Proxy Statement on Schedule 14A (the "Proxy Statement") in violation of §14(a) and §20(a) of the 1934 Act and Rule 14a-9 promulgated thereunder regarding the Proposed Transaction.
On December 21, 2016, InvenSense and TDK jointly announced they had entered into an Agreement and Plan of Merger (the "Merger Agreement") that will culminate in TDK, through Merger Sub, acquiring all of the outstanding shares of InvenSense. Under the terms of the Merger Agreement, InvenSense public stockholders will receive $13.00 in cash for every share of InvenSense common stock held, for an approximate aggregate value of $1.3 billion. Thereafter, on February 3, 2017, defendants caused the Proxy Statement to be filed with the SEC. Plaintiff's complaint was filed on February 24, 2017.
The complaint alleges, among other claims, that the Proxy Statement contains a number of false and misleading statements that are material to shareholders who are expected to rely on the Proxy Statement to determine whether to approve the Proposed Transaction. The Proxy Statement omits a number of material facts necessary to make statements made therein not false and misleading, including the events leading to the Merger Agreement, the analyses conducted by the Board's financial advisor, and InvenSense's prospective financial information.
If you own shares of InvenSense stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC which will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/invensense-inc-nyse-invn-2/ or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders across the country in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC