Rigrodsky & Long, P.A., a national securities firm with offices in Delaware and New York, announces that it is investigating potential claims against the board of directors of Standard Microsystems Corporation (“Standard Microsystems” or the “Company”) (NASDAQ GS: SMSC) over the Company’s entry into an definitive agreement to be acquired by Microchip Technology Incorporated (“Microchip Technology”) (NASDAQ GS: MCHP) in a cash transaction valued at approximately $939 million. Under the terms of the agreement, Standard Microsystems shareholders will receive $37.00 per share in cash. The acquisition is subject to customary closing conditions, and is expected to close in the third quarter of calendar 2012. Click here to learn more: http://www.rigrodskylong.com/investigations/standard-microsystems-corporation-smsc. The investigation concerns whether Standard Microsystems’ board of directors failed to adequately shop the Company and obtain the best price possible for Standard Microsystems’ shareholders before entering into an agreement with Microchip Technology. If you own the common stock of Standard Microsystems and purchased your shares before May 2, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Scott J. Farrell, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/standard-microsystems-corporation-smsc. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
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.