WILMINGTON, Del., March 28, 2017 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of GigPeak, Inc. (“GigPeak”) (NYSE MKT:GIG) common stock in connection with the proposed acquisition of GigPeak by Integrated Device Technology, Inc. and Glider Merger Sub, Inc. (collectively, “IDT”) announced on February 13, 2017 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against GigPeak, its Board of Directors (the “Board”), and IDT, is captioned The Vladimir Gusinsky Rev. Trust v. GigPeak, Inc. , Case No. 1:17-cv-00241 (D. Del.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A. , 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail at info@rl-legal.com ; or at: http://rigrodskylong.com/investigations/gigpeak-inc-gig/ .
On February 13, 2017, GigPeak entered into an agreement and plan of merger (the “Merger Agreement”) with IDT. Pursuant to the Merger Agreement, GigPeak shareholders will receive $3.08 in cash for each share of GigPeak common stock in a transaction valued at approximately $250 million (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a solicitation/registration statement (the “Solicitation Statement”) filed with the United States Securities and Exchange Commission on March 7, 2017. The Solicitation Statement omits material information necessary to enable shareholders to make an informed decision regarding the Proposed Transaction, including material information with respect to the analyses of GigPeak’s financial advisor and the background of the Proposed Transaction. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of GigPeak common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than May 30, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.
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CONTACT: Rigrodsky & Long, P.A. Seth D. Rigrodsky Gina M. Serra (888) 969-4242 (302) 295-5310 Fax: (302) 654-7530 info@rl-legal.com http://www.rigrodskylong.com
