Law Office of Brodsky & Smith, LLC Announces Investigation of
MIPS Technologies, Inc.
BALA CYNWYD, Pa., Dec. 3, 2012 /PRNewswire/ -- Law office of
Brodsky & Smith, LLC announces that it is investigating
potential claims against the Board of Directors of MIPS
Technologies, Inc. ("MIPS" or the "Company") (Nasdaq: MIPS)
relating to the proposed acquisition of the Company by Imagination
Technologies Group PLC ('Imagination") and the sale of the
Company's patents to Allied Security Trust ("Allied").
Under the terms of the transaction, Allied will acquire 498 of
MIPS patents for $350 million and
grant MIPS a perpetual license to the patents. In addition, MIPS
will provide a restricted license to Allied for an additional 82
patents. Thereafter, Imagination will purchase MIPS for
$60 million. The net proceeds of the
two sales represent a purchase price of approximately $7.31 per share. The investigation concerns
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of MIPS for not acting in the
Company's shareholders' best interests in connection with the sale
process. The transaction may undervalue the Company and will result
in a loss for many MIPS shareholders. For example MIPS stock traded
at $17.71 on January 13, 2011 and $7.64 as recently as September 17, 2012. In addition, it has been
reported, that MIPS has received an unsolicited merger
proposal.
If you own shares of MIPS stock and wish to discuss the legal
ramifications of the proposed transaction, or have any questions,
you may e-mail or call the law office of Brodsky & Smith, LLC
who will, without obligation or cost to you, attempt to answer your
questions. You may contact Jason L.
Brodsky, Esquire or Evan J. Smith,
Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
602, Bala Cynwyd, PA 19004, by
e-mail at investorrelations@brodsky-smith.com visiting
http://brodsky-smith.com/512-mips-mips-technologies-inc.html, by
calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC