A lawsuit was filed for investors in shares of Exar Corporation (NYSE:EXAR) in connection with the proposed takeover and NYSE:EXAR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/24/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of Exar Corporation (NYSE:EXAR), filed a lawsuit in effort to halt the proposed takeover of Exar Corporation by MaxLinear, Inc.
Investors who purchased shares of Exar Corporation (NYSE:EXAR) and currently hold any of those NYSE:EXAR shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:EXAR stockholders by agreeing to sell Exar Corporation. too cheaply via an unfair process to MaxLinear, Inc
On March 29, 2017, MaxLinear, Inc. (NYSE: MXL) and Exar Corporation (NYSE: EXAR) announced that they have entered into an agreement under which MaxLinear has agreed to acquire Exar for $13.00 per share in cash.
However, plaintiff claims that the proposed consideration NYSE: EXAR shareholders will receive is grossly inadequate and undervalues Exar Corporation. Indeed, at least one analyst has set the high target price for NYSE:EXAR shares at $14.00 per share. In addition, the plaintiff alleges that the process is also unfair NYSE: EXAR stockholders.
On April 21, 2017, NYSE:EXAR shares closed at $12.96 per share.
Those who are current investors in Exar Corporation shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com