Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of
Fiduciary Duty by the Board of MIPS Technologies, Inc. in Connection with
the Sale of the Company to Allied Security Trust & Imagination Technologies
NEW YORK -- November 28, 2012
Levi & Korsinsky is investigating the Board of Directors of MIPS Technologies,
Inc. (“MIPS” or the “Company”) (NasdaqGS: MIPS) for possible breaches of
fiduciary duty and other violations of state law in connection with the sale
of the Company to Imagination Technologies Group PLC (“Imagination”) and the
sale of the Company’s patents to Allied Security Trust (“AST”).
Click here to learn more about the investigation:
http://zlk.9nl.com/mips-technologies-mips/, or call: 877-363-5972. There is no
cost or obligation to you.
Under the terms of the agreements, AST will acquire 498 of MIPS’ total 580
patent assets for $350 million and MIPS 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 share.
Since agreeing to this merger, MIPS has received an unsolicited merger
proposal from CEVA, Inc. offering to purchase the Company for $75 million. The
investigation concerns whether the MIPS Board of Directors breached their
fiduciary duties to stockholders by failing to adequately shop the Company
before entering into agreements with Imagination Technologies Group PLC. In
particular, MIPS stock has traded as high as $7.64 per share as recently as
September 17, 2012.
If you own common stock in MIPS and wish to obtain additional information,
please contact Joseph E. Levi, Esq. either via email at email@example.com or by
telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York and Washington
D.C. The firm has extensive expertise in prosecuting securities litigation
involving financial fraud, representing investors throughout the nation in
securities and shareholder lawsuits. Attorney advertising. Prior results do
not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq., 212-363-7500
Toll Free: 877-363-5972
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