According to the Complaint, Integrated Device Technology, Inc. develops system-level solutions that optimize its
customers’ applications. The Company’s market-leading products in RF, high performance timing, memory interface, real-time interconnect, optical interconnect, wireless power, and smart sensors are among the Company’s broad array of complete mixed-signal solutions for the communications, computing, consumer, automotive, and industrial segments.
This action stems from a proposed transaction announced on September 11, 2018 (the “Proposed Transaction”), pursuant to which Integrated Device Technology, Inc. will be acquired by Renesas Electronics Corporation.
On November 13, 2018, Defendants filed a proxy statement (the “Proxy Statement”) with the United States Securities and Exchange Commission (the “SEC”) in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.