According to the Complaint, Adesto Technologies Corporation is a leading provider of application-specific semiconductors and embedded systems for the Industrial IoT.

This action stems from a proposed transaction announced on February 20, 2020, pursuant to which Adesto Technologies Corporation will be acquired by Dialog Semiconductor plc.

On February 20, 2020, Adesto’s Board of Directors caused the Company to enter into an agreement and plan of merger with Dialog. Pursuant to the terms of the Merger Agreement, Adesto’s stockholders will receive $12.55 in cash for each share of Adesto common stock they own.

On March 16, 2020, 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 May 11, 2020.