Block & Leviton LLP Investigates MIPS Technologies, Inc. for Possible Breaches of Fiduciary Duty in Connection with Its

Block & Leviton LLP Investigates MIPS Technologies, Inc. for Possible Breaches
of Fiduciary Duty in Connection with Its Acquisition by Allied Security Trust
                    and Imagination Technologies Group plc

PR Newswire

BOSTON, Nov. 6, 2012

BOSTON, Nov. 6, 2012 /PRNewswire/ -- Block & Leviton LLP (, a
Boston-based law firm representing investors nationwide, has commenced an
investigation into possible breaches of fiduciary duties by the Board of
Directors of MIPS Technologies, Inc. ("MIPS" or the "Company") (NASDAQ: MIPS)
with regards to the proposed acquisition of the Company by Imagination
Technologies Group plc ("Imagination") and the proposed acquisition of 498 of
the Company's 580 patents by Bridge Crossing LLC, an acquisition vehicle of
Allied Security Trust ("AST") in a two-part cash transaction.

Under the terms of the agreements, AST will acquire 498 of MIPS' total 580
patent assets for gross proceeds of $350 million. MIPS will retain 82
patents, and will be granted a royalty-free, perpetual license to the patents
sold to AST. MIPS will also provide a restricted license to AST for the 82
retained patents. Subject to consummation of the AST transaction, Imagination
will acquire the operating business of MIPS, the remaining 82 patents, and
license rights to the remaining patent properties of MIPS for $60 million.
The net proceeds of the two sales represent a price of approximately $7.31 per

This represents a paltry premium of less than 4% to the previous day's closing
price of $7.02. MIPS stock traded above the offer price less than one week
ago, reaching $7.32 as recently as November 1. Indeed, the average analyst's
target price for MIPS is $8.75 per share, nearly 20% more than the combined

Block & Leviton's investigation seeks to determine, among other things,
whether MIPS' Directors breached their fiduciary duties by failing to maximize
shareholder value in the proposed acquisitions, and the fairness of the
process by which the MIPS Directors considered and approved the transaction.

If you are a MIPS shareholder and have questions about your legal rights, or
if you have information relevant to this investigation, please contact
attorney Steven Harte, at
(617) 398-5600 or email him at

Block & Leviton is a Boston-based law firm representing investors nationwide
for violations of securities laws. The firm's lawyers have collectively been
prosecuting securities cases on behalf of investors for over 50 years. This
notice may constitute attorney advertising.

Steven P. Harte, Esq. 
(617) 398-5600

SOURCE Block & Leviton LLP

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