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Case Status:   
On or around 06/19/2018 (Notice of voluntarily dismissal)

Filing Date: June 04, 2018

According to the Complaint, Orbotech Ltd. ("Orbotech" or the "Company") is a global innovator and supplier of enabling solutions used to manufacture the world’s most sophisticated consumer and industrial electronic products and is part of a select group of companies whose technology is literally driving the future of electronics. The Company’s core business lies in enabling electronic device manufacturers to inspect, test, and measure printed circuit boards (“PCB”s) and flat panel displays (“FPD”s) to verify their quality (“reading”); pattern the desired electronic circuitry on the relevant substrate and perform three-dimensional shaping of metalized circuits on multiple surfaces (“writing”); and utilize advanced vacuum deposition and etching processes in semiconductor device (“SD”) and semiconductor manufacturing and to perform laser drilling of electronic substrates (“connecting”). Orbotech refers to this “reading,” “writing,” and “connecting” as enabling the “Language of Electronics.”

This action stems from a proposed transaction announced on March 19, 2018 (the “Proposed Transaction”), pursuant to which Orbotech Ltd. (“Orbotech” or the “Company”) will be acquired by KLA-Tencor Corporation (“Parent”) and Parent’s wholly-owned subsidiary, Tiburon Merger Sub Technologies Ltd. (“Merger Sub,” and together with Parent, “KLA”).

On March 18, 2018, Orbotech’s Board of Directors (the “Board” or “Individual Defendants”) caused the Company to enter into an agreement and plan of merger (the “Merger Agreement”) with KLA. Pursuant to the terms of the Merger Agreement, if the Proposed Transaction is approved by Orbotech’s shareholders and completed, Orbotech’s shareholders will receive $38.86 in cash and 0.25 of a share of Parent common stock for each share of
Orbotech common stock they own.

On May 16, 2018, defendants filed a Form S-4 registration statement (the “Registration Statement”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Proposed Transaction. The Complaint alleges that the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.

This case was voluntarily dismissed on June 19, 2018.

COMPANY INFORMATION:

Sector: Technology
Industry: Scientific & Technical Instr.
Headquarters: Israel

SECURITIES INFORMATION:

Ticker Symbol: ORBK
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: D. Delaware
DOCKET #: 18-CV-00839
JUDGE: Hon. Leonard P. Stark
DATE FILED: 06/04/2018
CLASS PERIOD START: 03/19/2018
CLASS PERIOD END: 06/04/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rigrodsky & Long, P.A.
    919 N. Market Street, Suite 980, Rigrodsky & Long, P.A., DE 19803
    302.295.5310 302.295.5310 · info@rigrodskylong.com
  2. RM Law, P.C.
    1055 Westlakes Drive, Suite 3112, RM Law, P.C., PA 19312
    (484) 324-6800 ·
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available