A lawsuit was filed for investors in shares of InvenSense Inc (NYSE:INVN) in connection with the proposed takeover and NYSE:INVN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/28/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of InvenSense Inc (NYSE:INVN), filed a lawsuit against the proposed takeover of InvenSense Inc by TDK Corporation for $13.00 per share.
Investors who purchased shares of InvenSense Inc (NYSE:INVN) and currently hold any of those NYSE:INVN 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:INVN stockholders by agreeing to sell InvenSense Inc too cheaply via an unfair process to TDK Corporation.
On December 21, 2016, TDK Corporation and InvenSense Inc entered into an agreement today wherein TDK Corporation agrees to acquire all of the outstanding InvenSense Inc shares for cash at an acquisition price of USD 13.00 per InvenSense share, for a total acquisition price of USD 1.3 billion.
However, plaintiff claims that the proposed consideration NYSE:INVN shareholders will receive is grossly inadequate and undervalues InvenSense Inc. InvenSense Inc reported that its Total Revenue rose from $372.02 million for the 52 weeks period that ended on March 29, 2015 to $418.39 million for the 53 weeks period that ended on April 3, 2016. Shares of InvenSense Inc (NYSE:INVN) reached as high as $25.85 per share in August 2014. In addition, the plaintiff alleges that the process is also unfair NYSE:INVN stockholders. The plaintiff claims that the defendants agreed to preclusive deal protection devices such as a no solicitation and a $46.7 million termination fee provision that will deter other bidders from making a superior offer for InvenSense.
On February 27, 2017, NYSE:INVN shares closed at $12.37 per share.
Those who are current investors in InvenSense Inc 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