On or around 10/22/2018 (Notice of voluntarily dismissal)
Filing Date: July 20, 2018
According to the Complaint, Echelon Corporation ("Echelon" or the "Company") is an energy control networking company and develops open-standard control networking platforms for Industrial Internet of Things (IIoT) applications. The Company operates in one reporting segment—the IIoT segment—and currently operates in three geographical markets—the Americas; Europe, Middle East and Africa, and Asia Pacific/Japan.
On June 29, 2018, Echelon and Adesto Technologies ("Adesto") issued a joint press release announcing the Proposed Transaction, under which Adesto will acquire Echelon for $8.50 per share.
The Complaint alleges that on July 16, 2018, in order to convince Echelon’s shareholders to vote in favor of the Proposed Transaction, Defendants authorized the filing of a materially incomplete and misleading proxy statement (the “Proxy”) with the SEC, in violation of Sections 14(a) and 20(a) of the Exchange Act. The Complaint alleges that in particular, the Proxy contains materially incomplete and misleading information concerning: (i) financial projections for Echelon; and (ii) the valuation analyses performed by Echelon’s financial advisor in support of its fairness opinion.
This case was voluntarily dismissed as moot on October 22, 2018.
Company & Securities Information
Defendant: Echelon Corporation
Industry: Communications Equipment
Headquarters: United States
Ticker Symbol: ELON
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
John Aducci, et al. v. Echelon Corporation, et al.
COURT: N.D. California
DOCKET #: 18-CV-04415
JUDGE: Hon. Lucy H. Koh
DATE FILED: 07/20/2018
CLASS PERIOD START: 06/29/2018
CLASS PERIOD END: 07/20/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Monteverde & Associates PC (Culver City)
First Identified Complaint (FIC) Filings:
Class Action Complaint
U.S. District Court Civil Docket
Notice of Dismissal
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available