According to the Complaint, Cypress Semiconductor Corporation is the leader in advanced embedded solutions for the world’s most innovative automotive, industrial, smart home appliances, consumer electronics, and medical products.

This action stems from a proposed transaction announced on June 3, 2019, pursuant to which Cypress Semiconductor Corporation will be acquired by Infineon Technologies AG.

On June 3, 2019, Cypress’s Board of Directors caused the Company to enter into an agreement and plan of merger with Infineon. Pursuant to the terms of the Merger Agreement, Cypress’s stockholders will receive $23.85 in cash for each share of Cypress common stock they own.

On July 2, 2019, Defendants filed a proxy statement with the United States Securities and Exchange Commission 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.

This case was voluntarily dismissed on December 16, 2019.