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Mellanox Technologies, Ltd. (NASDAQ: MLNX) Investor Lawsuit Against Acquisition Filed

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Lawsuit Overview

Case Dismissed
Company
Mellanox Technologies, Ltd.
Security
NASDAQ: MLNK

Case Name
Mellanox Technologies Deal Case
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the Northern District of California

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Summary

October 3, 2019 - The case was voluntarily dismissed.

May 1. 2019 - An investor, who currently holds shares of Mellanox Technologies, Ltd. (NASDAQ: MLNX), filed a lawsuit against the takeover of Mellanox Technologies, Ltd. The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: MLNX stockholders by agreeing to sell Mellanox Technologies, Ltd. cheaply via an unfair process. Mellanox Technologies, Ltd., a fabless semiconductor company, designs, manufactures, markets, and sells interconnect products and solutions.

On March 9, 2019, NVIDIA and Mellanox announced that the companies have reached a agreement under which NVIDIA will acquire Mellanox. Pursuant to the agreement, NVIDIA will acquire all of the issued and outstanding common shares of Mellanox for $125 per share in cash, representing a total enterprise value of approximately $6.9 billion. plaintiff claims that the proposed consideration NASDAQ: MLNX shareholders will receive is grossly inadequate and undervalues Mellanox Technologies, Ltd. Mellanox Technologies, Ltd. reported that its annual Total Revenue rose from $863,89 million in 2017 to over $1.08 billion in 2018 and that its Net Loss of $19.42 million in 2017 turned to a Net Income of $134.25 million in 2018. In addition, the plaintiff alleges that the process is also unfair NASDAQ: MLNX stockholders. Shares of Mellanox Technologies, Ltd. (NASDAQ: MLNX) closed on May 6, 2019, at $119.97 per share.