Faruqi & Faruqi, LLP Announces Shareholder Investigation Related to the Acquisition of Conexant Systems, Inc. - CNXT

NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Conexant Systems, Inc. (“Conexant” or the “Company”) (NasdaqGS: CNXT) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Standard Microsystems Corp. (“SMSC”) (NasdaqGS: SMSC). The proposed transaction offers Conexant shareholders to only receive approximately $2.25, consisting of $1.125 per share in cash and between 0.04264 and 0.03489 in SMSC stock, in exchange for their shares, valuing the Company’s common stock at about $284 million.

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Whether the Conexant’s Board of Directors breached their fiduciary duties to Conexant’s stockholders by failing to conduct an adequate and fair sales process to sell the Company prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Conexant’s shares and by how much this proposed transaction undervalues the Company to the detriment of Conexant shareholders are the key focus of this investigation.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.

If you own common stock in Conexant and wish to obtain additional information, please visit us at www.faruqilaw.com/CNXT or contact Juan E. Monteverde, Esq. either via e-mail at [e-mail] or by telephone at [phone] or [phone].

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