On or around 07/09/2019 (Ongoing date of last review)
Filing Date: July 08, 2019
According to the Complaint, Cypress 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.
Company & Securities Information
Defendant: Cypress Semiconductor Corporation
Headquarters: United States
Ticker Symbol: CY
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.
First Identified Complaint
Earl M. Wheby, Jr., et al. v. Cypress Semiconductor Corporation, et al.