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Cavium Inc (NASDAQ:CAVM) Investor Lawsuit Filed Over Alleged Wrongdoing In Acquisition By Marvell Technology Group Ltd

  • If you purchased shares of Cavium Inc (NASDAQ:CAVM), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Cavium Inc
Security
NASDAQ: CAVM

Case Name
Cavium Deal Case 01/24/2018
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the Northern District of California

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Summary

March 30, 2018 - The case was voluntarily dismissed.
January 2, 2018 - An investor, who currently holds shares of Cavium Inc (NASDAQ:CAVM), filed a lawsuit in effort to halt the proposed takeover of Cavium Inc. by Marvell Technology Group Ltd.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CAVM stockholders by agreeing to sell Cavium Inc cheaply via an unfair process to Marvell Technology Group Ltd.

On November 20, 2017, Marvell Technology Group Ltd. (NASDAQ: MRVL) and Cavium Inc (NASDAQ:CAVM) announced an agreement, under which Marvell Technology Group Ltd will acquire all outstanding shares of Cavium Inc (NASDAQ:CAVM) common stock in exchange for consideration of $40.00 per share in cash and 2.1757 Marvell Technology Group Ltd common shares for each Cavium Inc (NASDAQ:CAVM) share. Based on a closing price of $20.29 per NASDAQ:MRVL shares on November 17, 2017, investors of Cavium Inc will receive a value of approximately $84.14 per NASDAQ:CAVM.

However, plaintiff claims that the proposed consideration NASDAQ:CAVM shareholders will receive is grossly inadequate and undervalues Cavium Inc. Indeed, at least one analyst has set the high price target for NASDAQ:CAVM shares at $94.00 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ:CAVM stockholders.