According to the Complaint, Acacia develops, manufactures, and sells high-speed coherent optical interconnect products in the United States, China, Germany, Thailand, and internationally.
This action stems from a proposed transaction announced on July 9, 2019, pursuant to which Cisco will acquire Acacia.
The terms of the Proposed Transaction were memorialized in a July 8, 2019 filing with the United States Securities and Exchange Commission on Form 8-K attaching the definitive Agreement and Plan of Merger. Under the terms of the Merger Agreement, Acacia will become an indirect wholly-owned subsidiary of Cisco, and Acacia stockholders will receive $70.00 for each share of Acacia stock they own.
On July 26, 2019, Defendants filed a Preliminary Proxy Statement on Schedule 14A with the SEC in support of the Proposed Transaction. The Complaint alleges that the Preliminary Proxy Statement is materially deficient, in violation of Sections 14(a) and 20(a) of the Exchange Act.
This case was voluntarily dismissed on September 11, 2019.