Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Standard Microsystems Corporation (“Standard Microsystems” or the “Company”) (NASDAQ: SMSC) for potential breaches of their fiduciary duty to disclose material information in the Preliminary Proxy Statement Schedule 14A (the “Proxy”) filed with the S.E.C. on May 17, 2012, which may impair shareholders’ ability to adequately value stock price in relation to the sale of the Company to Microchip Technology Incorporated (NASDAQ: MCHP) in an all-cash deal valued at about $939 million. The price per share offered to Standard Microsystems’ shareholders is also under investigation, as under the terms of the proposed transaction, Standard Microsystems’ stockholders will receive $37.00 in cash for each share of Standard Microsystems’ common stock they own.
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Whether Standard Microsystems’ Board of Directors breached their fiduciary duties to Standard Microsystems’ stockholders by failing to disclose all material information in the Proxy, whether they failed to maximize shareholder value and if so, by how much the sale undervalues the Company to the detriment of Standard Microsystems’ shareholders - are the key focus of this investigation.
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