On or around 02/24/2012 (Notice of voluntarily dismissal)
Filing Date: February 09, 2012
According to a complaint filed on February 9, 2012, the Plaintiffs allege violations of the Federal Securities laws in connection with the Defendant’s decision to wind up operations of the Company.
On January 12, 2012, the Company filed a proxy statement with the Securities and Exchange Commission announcing the board’s unanimous decision to wind up and dissolve the company pursuant to a Plan of Liquidation by a Consent Solicitation Statement and not a meeting of the shareholders. The Plaintiffs claim that the board’s actions breach their fiduciary duties because a winding up of the company does not maximize shareholder value by not taking into account future revenues from acquiring and prosecuting intellectual property. Moreover, the complaint also charges that the proxy statement contains misleading and inadequate information to shareholders for the company’s liquidation.
On February 23, 2012, the plaintiff filed a Notice voluntarily dismissing this action without prejudice.
Company & Securities Information
Defendant: OPTi, Inc.
Headquarters: United States
Ticker Symbol: OPTI
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.