Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by members of the Board of Directors of Conexant Systems, Inc. (NasdaqGS: CNXT) arising from the proposed acquisition of Conexant by Standard Microsystems Corporation (“SMSC”).
For each share of Conexant, shareholders will receive (i) $1.125 in cash, and (ii) a fraction of a share of SMSC equal to $1.125 divided by the 20-day volume-weighted average price of SMSC if its average price is greater than $26.381 but less than $32.244, but in no event greater than 0.04264 or less than 0.03489 shares of SMSC. The acquisition is expected to close in the first half of calendar 2011.
Weiss & Lurie is investigating whether Conexant’s Board acted in the best interests of shareholders in approving the transaction and whether the Board properly sought to maximize shareholder value. Of particular concern is that the stock price of both Conexant and SMSC has dropped since the announcement of the acquisition. Sailesh Chittipeddi, Conexant’s President and Chief Operating Officer, will become Executive Vice President of SMSC upon close of the acquisition.
If you own Conexant and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at email@example.com or by telephone at (888) 593-4771.Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (such as insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading press releases or SEC filings), consumer fraud (such as false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.