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Exar Corporation (NYSE:EXAR) Investor Lawsuit Filed Against Acquisition

  • If you purchased shares of Exar Corporation (NYSE:EXAR), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Exar Corporation
Security
NYSE: EXAR

Case Name
Exar Deal Case 04/21/2017
Type of Lawsuit
Mergers and Acquisition
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Summary

June 12, 2017 (Update) - The case was voluntarily dismissed.
April 21, 2017 (Shareholders Foundation) - An investor, who currently holds shares of Exar Corporation (NYSE:EXAR), filed a lawsuit in effort to halt the proposed takeover of Exar Corporation by MaxLinear, Inc.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:EXAR stockholders by agreeing to sell Exar Corporation. too cheaply via an unfair process to MaxLinear, Inc

On March 29, 2017, MaxLinear, Inc. (NYSE: MXL) and Exar Corporation (NYSE: EXAR) announced that they have entered into an agreement under which MaxLinear has agreed to acquire Exar for $13.00 per share in cash.
However, plaintiff claims that the proposed consideration NYSE: EXAR shareholders will receive is grossly inadequate and undervalues Exar Corporation. Indeed, at least one analyst has set the high target price for NYSE:EXAR shares at $14.00 per share. In addition, the plaintiff alleges that the process is also unfair NYSE: EXAR stockholders.