A lawsuit was filed by an investor in shares of Hittite Microwave Corp (NASDAQ:HITT) in effort to stop the proposed takeover and NASDAQ:HITT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/17/2014 -- An investor, who currently holds shares of Hittite Microwave Corp (NASDAQ:HITT) filed a lawsuit in effort to halt the takeover of Hittite Microwave Corp by Analog Devices, Inc.
Investors who purchased shares of Hittite Microwave Corp (NASDAQ:HITT) and currently hold any of those NASDAQ:HITT shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Hittite Microwave breached their fiduciary duties owed to NASDAQ:HITT investors in connection with the proposed acquisition.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:HITT stockholders by agreeing to sell Hittite Microwave Corp too cheaply via an unfair process to Analog Devices, Inc..
On June 9, 2014, Analog Devices, Inc. (NASDAQ: ADI) and Hittite Microwave Corporation (NASDAQ:HITT) announced that the two companies have entered into an agreement whereby Analog Devices, Inc will acquire Hittite Microwave Corporation for $78 per share in cash.
However, the plaintiff claims that the offer is too low and undervalues Hittite Microwave Corporation. Indeed, Hittite Microwave Corp reported that its annual Total Revenue rose from $264.39 million in 2012 to $273.81 million in 2013 and that its respective Net Income increased from $68.57 million to $69.99 million. Shares of Hittite Microwave Corp (NASDAQ:HITT) grew from $25.17 per share in February 2009 to as high as $66.05 per share in October 2013.
On June 13, 2014, NASDAQ:HITT shares closed at $78.02 per share.
Those who are current investors in Hittite Microwave Corp (NASDAQ:HITT) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego