September 9, 2013 (Shareholders Foundation) - An investor, who currently hold shares of Volterra Semiconductor Corporation (NASDAQ:VLTR), filed a lawsuit in effort to halt the proposed takeover of Volterra Semiconductor Corporation by Maxim Integrated Products for $23.00 per NASDAQ:VLTR share.

The plaintiff claims that the defendants breached their fiduciary duties owed Volterra Semiconductor Corporation (NASDAQ:VLTR stockholder by agreeing to sell the company too cheaply via an unfair process to Maxim Integrated Products.

On August 15, 2013, Maxim Integrated Products, Inc. (NASDAQ:MXIM) announced it has entered into an agreement to acquire Volterra Semiconductor Corp. (NASDAQ:VLTR) for $23 per share. The transaction value is approximately $605 million equity value or $450 million net of Volterra's cash position of approximately $155 million.

However, the plaintiff alleges that the $23.00-offer is too low and undervalues the company. Indeed NASDAQ:VLTR shares traded as high as $34.415 per share in 2012. Furthermore, Volterra Semiconductor’s performance improved lately. For instance, Volterra Semiconductor Corporation reported that its annual Total Revenue rose from $155.99 million in 2011 to $168.04 million in 2012 and that its Net Income increased from $20.64 million in 2011 to $22.85 million in 2012.

Shares of Volterra Semiconductor Corporation (NASDAQ:VLTR) closed on August 15, 2013, at $2.87 per share.