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Case Status:    DISMISSED    
On or around 05/17/2018 (Court's order of dismissal)

Filing Date: March 15, 2018

Sigma Designs, Inc. ("Sigma") has two business lines: semiconductor technologies for Internet of Things products, and technologies for Smart TVs and set-top boxes.

On December 7, 2017, Sigma and Silicon Laboratories Inc. (“Silicon Labs”) announced that they had entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which Silicon Labs would acquire all of the outstanding shares of common stock of Sigma for $7.05 per share. The Merger Agreement included provisions whereby if specific contracts were not terminated by January 22, 2018, if Sigma’s TV business was not sold or shut down by December 14, 2017, or if the Company did not have $40 million in cash by January 23, 2018, then Sigma would sell its ZWave business to Silicon Labs for $240 million (the “Asset Sale”). On January 23, 2018, Sigma disclosed that it had failed to meet the conditions for the merger and, instead, would be moving forward with the Asset Sale.

The Complaint alleges that Defendants have violated Section 14(a) and 20(a) of the Exchange Act by causing a materially incomplete and misleading preliminary proxy statement (the “Proxy”) to be filed with the Securities and Exchange Commission (“SEC”) on February 23, 2018. The Proxy recommends that Sigma stockholders vote in favor of a proposed transaction whereby Sigma’s ZWave business is acquired by Silicon Labs. The Complaint alleges that, specifically, the Proxy contains materially incomplete and misleading information concerning the sales process, financial projections prepared by Sigma management, as well as the financial analyses conducted by Deutsche Bank Securities Inc. (“Deutsche Bank”), Sigma’s financial advisor.

This case was voluntarily dismissed on May 16, 2018.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SIGM
Company Market: NASDAQ
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.
COURT: N.D. California
DOCKET #: 18-CV-01645
JUDGE: Hon. William H. Orrick
DATE FILED: 03/15/2018
CLASS PERIOD START: 12/07/2017
CLASS PERIOD END: 03/15/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brodsky & Smith, LLC (California)
    9595 Wilshire Boulevard, Suite 900, Brodsky & Smith, LLC (California), CA 90212
    310.300.8425 310.300.8425 · clients@brodsky-smith.com
  2. Rowley Law PLLC
    50 Main Street, Suite 1000, Rowley Law PLLC, NY 10606
    914.400.1920 914.301.3514 ·
No Document Title Filing Date