NEW YORK, Feb. 11, 2016 /PRNewswire/ -- The proposed
acquisition of Cascade Microtech Inc. by FormFactor Inc. is
being investigated by WeissLaw LLP for possible breaches of
fiduciary duty and other violations of law by the Board of
Directors of Microtech. On February 4,
2016, the Company announced it had reached a definitive
agreement for FormFactor to acquire Cascade in a transaction valued
at approximately $352 million.
Under the terms of the agreement, Cascade shareholders will receive
$16.00 in cash and 0.6534 of a share
of FormFactor for share each Cascade they own. This
represents a per share value of $20.18 based FormFactor's February 10 closing price.
WeissLaw is investigating whether Cascade's Board acted to
maximize shareholder value prior to entering into the
agreement. Notably, the Company has enjoyed impressive
financial results. On the same day of the acquisition
announcement, Cascade issued a separate press release reporting
annual revenue of $144.0 million for
fiscal year 2015; Cascade also reported record quarterly revenue of
$40.4 million in the fourth quarter
of 2015 as compared with $35.8
million reported in the third quarter and $36.6 million in the same period of the previous
year, representing increases of 11% and 10% respectively.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell Cascade and whether Cascade
shareholders will obtain their fair proportionate share of the
Company's continued success and future growth prospects. If
you own Cascade shares and would like more information about your
rights or our investigation, please contact Joshua Rubin either by telephone at (888)
593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the
form on our website,
http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP