Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of MIPS Technologies, Inc. In Connection With The Sale Of The Company To Allied Security Trust & Imagination Technologies Group PLC
Levi & Korsinsky is investigating the Board of Directors of MIPS Technologies, Inc. (“MIPS” or the “Company”) (NasdaqGS: MIPS) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Imagination Technologies Group PLC (“Imagination”) and the sale of the Company’s patents to Allied Security Trust (“AST”).
Click here to learn more about the investigation: http://zlk.9nl.com/mips-technologies-mips/, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the agreements, AST will acquire 498 of MIPS’ total 580 patent assets for $350 million and MIPS will be granted a royalty-free, perpetual license to the patents sold to AST. MIPS will also provide a restricted license to AST for the 82 retained patents. Subject to consummation of the AST transaction, Imagination will acquire the operating business of MIPS, the remaining 82 patents, and license rights to the remaining patent properties of MIPS for $60 million. The net proceeds of the two sales represent a price of approximately $7.31 per share.
Since agreeing to this merger, MIPS has received an unsolicited merger proposal from CEVA, Inc. offering to purchase the Company for $75 million. The investigation concerns whether the MIPS Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into agreements with Imagination Technologies Group PLC. In particular, MIPS stock has traded as high as $7.64 per share as recently as September 17, 2012.If you own common stock in MIPS and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/mips-technologies-mips/. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
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