Case Page

 

Case Status:    ONGOING    
On or around 07/20/2018 (Ongoing date of last review)

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.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ELON
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-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:
  1. Monteverde & Associates PC (Culver City)
    600 Corporate Pointe, Suite 1170, Monteverde & Associates PC (Culver City), CA 90230
    310.446.6652 310.446.6652 ·
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