NEW YORK, Sept. 17, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Silicon Motion Technology Corporation (“Silicon Motion” or the “Company”) (NASDAQ: SIMO). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Silicon Motion and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On May 5, 2022, MaxLinear, Inc. (“MaxLinear”) and Silicon Motion announced the two companies had entered into a merger agreement pursuant to which MaxLinear would acquire Silicon Motion. Then, on July 26, 2023, near the close of trading, MaxLinear stunned the market, issuing a press release stating it was unilaterally terminating the Merger less than a day after Chinese regulatory authorities had approved the combination.
On this news, Silicon Motion’s American Depositary Receipt (“ADR”) price fell $12.84 per ADR, or 19.65%, to close at $52.51 per share on July 27, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
