Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of MIPS Technologies, Inc...
29 November 2012 - 9:18AM
Business Wire
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 jlevi@zlk.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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