Press release
Deadline on October 30th coming up in Lawsuit for Investors in Silicon Motion Technology Corporation (NASDAQ: SIMO) shares
A Deadline is coming up on October 30, 2023 in the lawsuit for certain investors in Silicon Motion Technology Corporation.
Investors who purchased shares of Silicon Motion Technology Corporation (NASDAQ: SIMO) have certain options and there are strict and short deadlines running. Deadline: October 30, 2023. NASDAQ: SIMO stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of California the plaintiff alleges on behalf of purchasers of Silicon Motion Technology Corporation (NASDAQ: SIMO) common shares between June 6, 2023 through July 26, 2023, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 6, 2023 through July 26, 2023, the defendants failed to disclose that MaxLinear, Inc. had decided it would not consummate the Merger because the economic circumstances surrounding the Merger had materially changed, including a material downturn in the semiconductor industry and rising interest rates, that MaxLinear, Inc. had determined to unilaterally terminate the Merger in the event the Merger was approved by China's State Administration for Market Regulation ("SAMR"), that MaxLinear, Inc. intended to argue that certain conditions in Article 6 of the Agreement and Plan of Merger (the "Merger Agreement") had not been satisfied as required by May 5, 2023 ( i.e., before the class period) as a basis to terminate the Merger, and that as a result, defendants had materially misrepresented the viability of the Merger, the purported benefits of the Merger and the likelihood that the Merger would be consummated.
Those who purchased shares of Silicon Motion Technology Corporation (NASDAQ: SIMO) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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