Applied Micro Circuits Corporation ("Applied Micro" or the Company) is a semiconductor company designing network and embedded Power ISA, and server processor ARM, optical transport and storage products.

According to the Complaint, on November 21, 2016, the Company announced that it had entered into a definitive agreement (the “Merger Agreement”) by which MACOM, through its wholly owned subsidiary, Merger Sub, would commence a Tender Offer to acquire all of the outstanding shares of Applied Micro in exchange for $3.25 in cash and 0.1089 MACOM shares per share of Applied Micro (the “Proposed Transaction”). The Proposed Transaction is valued at approximately $770 million.

In connection with the commencement of the Tender Offer, on December 21, 2016, the Company filed a Recommendation Statement on Schedule 14D-9 with the SEC. The Complaint alleges the Recommendation Statement is materially deficient and misleading because it fails to disclose material information about the process leading to the Merger Agreement. Without all material information Applied Micro stockholders cannot make an informed decision to exchange their shares in the Tender Offer.

This case was voluntarily dismissed on April 14, 2017.