Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Standard Microsystems Corporation (“Standard Microsystems” or the “Company”) (NASDAQ: SMSC) (ISIN: US8536261097) concerning the proposed acquisition of Standard Microsystems by Microchip Technology Incorporated in a cash transaction valued at approximately $939 million. The investigation concerns whether the Standard Microsystems directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Standard Microsystems shareholders would receive $37.00 in cash per share of Standard Microsystems common stock. However, the price to EBITDA and revenue multiples are below that of comparable transactions. Standard Microsystems shareholders seeking more information about this acquisition are advised to contact Rebecca Jarmon at firstname.lastname@example.org or 212-661-1100 or 888-476-6529, ext. 314. The Pomerantz Firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
Standard Microsystems Corporation (Nasdaq:SMSC) hit a new 52-week high Wednesday as it is currently trading at $36.29, above its previous 52-week high of $28.25 with 8.7 million shares traded as of 10 a.m. ET. Average volume has been 129,600 shares over the past 30 days.
Shares of Standard Microsystems Corporation (Nasdaq:SMSC) were gapping up Wednesday morning with an open price 10.8% higher than Tuesday's closing price. The stock closed at $24.23 yesterday and opened today's trading at $26.85.