Stull, Stull & Brody Announces Investigation on Behalf of Shareholders of California Micro Devices Corporation
December 14 2009 - 12:16PM
Business Wire
Attorney Advertising. Notice is hereby given that Stull, Stull
& Brody has commenced an investigation on behalf of
shareholders of the common stock of California Micro Devices
Corporation (“California Micro” or the “Company”) (Nasdaq: CAMD)
for possible breaches of fiduciary duty and other violations of
state law in connection with an agreement by the Company’s Board of
Directors to allow the Company to be acquired by On Semiconductor
Corporation (“On Semiconductor”) (Nasdaq: ONNN) in a transaction
valued at approximately $4.70 in cash per California Micro common
share, for aggregate consideration of approximately $108
million.
The current investigation concerns the price to be paid by On
Semiconductor to California Micro shareholders and the process by
which California Micro’s Board of Directors is addressing the
transaction, including whether California Micro’s Board of
Directors breached its fiduciary duties to the Company’s
shareholders by agreeing to sell the Company at an unfair price.
Whereas California Micro’s shareholders will receive $4.70 per
share under the terms of the proposed transaction, at least one
analyst has set a price target of $6 per California Micro common
share, representing a significant potential discount to On
Semiconductor.
If you own the common stock of California Micro and wish to
obtain additional information about this matter, please contact
Aaron Brody, Esq. at Stull, Stull & Brody by calling
1-800-337-4983 or 1-212-687-7230, or by email to ssbny@aol.com or
by writing to Stull, Stull & Brody, 6 East 45th Street, New
York, NY 10017. Stull, Stull & Brody has litigated many class
actions for violations of securities laws and breaches of fiduciary
duty on behalf of defrauded investors over the past 40 years and
has obtained court approval of substantial settlements on numerous
occasions.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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