According to a press release a law firm is currently investigating possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Transmeta Corporation (NASDAQ: TMTA).

According to the press release possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Transmeta Corporation (NASDAQ: TMTA) arising out of their attempt to sell Transmeta Corp. to Novafora Inc. Under the terms of the agreement, Transmeta Corporation (NASDAQ: TMTA) shareholders are to receive between $18.70 and $19.00 per share in cash for each Transmeta Corp share they own for a total offer price of approximately $255.6 million. According to the investigation the price is unfair given that, as of September 20, 2008, Transmeta Corp. (NASDAQ: TMTA) had $255 million in cash and cash equivalents, which in effect, values the Transmeta Corp.s operations and intellectual property at zero.