GigPeak, Inc. is an American company that provides semiconductor ICs and software solutions for high-speed connectivity and high-quality video compression over the network and the cloud.

According to the Complaint, on February 13, 2017, GigPeak’s Board of Directors (the “Board” or “Individual Defendants”) caused the Company to enter into an agreement and plan of merger (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, IDT commenced a tender offer, set to expire on April 3, 2017, and stockholders of GigPeak will receive $3.08 per share in cash.

On March 7, 2017, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.

This case was voluntarily dismissed on April 11, 2017.