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LSI Corp (NASDAQ:LSI) Investor Files Lawsuit Against Acquisition By Avago Technologies Limited

  • If you purchased shares of LSI Corp (NASDAQ:LSI) and currently hold any of those NASDAQ:LSI shares, you have certain options and you should 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
LSI Corp
Security
NASDAQ: LSI

Case Name
LSI Deal Case 01/24/2014
Type of Lawsuit
Shareholder Class Action
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Summary

January 24, 2014 (Shareholders Foundation) - An investor who currently holds shares of LSI Corp (NASDAQ:LSI) filed a lawsuit in effort to halt the proposed takeover of LSI Corp by Avago Technologies Limited for $11.15 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:LSI stockholders arising out of the attempt to sell LSI Corp. too cheaply via an unfair process to Avago Technologies Limited

On December 16, 2013, Avago Technologies Limited (NASDAQ: AVGO) and LSI Corp (NASDAQ:LSI) announced that they have entered into a agreement under which Avago will acquire LSI Corp for $11.15 per share in an all-cash transaction valued at $6.6 billion.

However, the plaintiff alleges that the $11.15-offer is too low and undervalues LSI Corp. and that the process is unfiar to NASDAQ:LSI investors as it contains preclusive deal protection provision.

LSI Corp reported that its annual Total Revenue rose from over $1.57 billion in 2009 to over $2.5 billion in 2012 and that its Net loss of $47.72 million turned into a Net Income of $196.23 million in 2012.

Shares of LSI Corp (NASDAQ:LSI) grew from $2.62 per share in early 2009 to as high as $8.745 per share on October 31, 2013.

On Jan. 24, 2014, NASDAQ:LSI shares closed at $11 per share.