NEW YORK--(BUSINESS WIRE)--Newman Ferrara LLP is investigating potential claims against the Board of Directors of PLX Technology, Inc. (“PLX”) (NASDAQ:PLXT) concerning the proposed sale of PLX to Avago Technologies Limited (NASDAQ:AVGO).
On June 23, 2014, PLX entered into an agreement to be acquired by Avago for approximately $309 million pursuant to which, PLX’s stockholders will receive only $6.50 in cash for each share of PLX common stock owned. However, the proposed offer price falls well below the $8.00 per share price target set by Wall Street analysts and below the 52-week trading high of PLX common stock of $6.91 per share.
PLX’s Board of Directors has unanimously approved the proposed sale which is expected to close by November 3, 2014.
Newman Ferrara LLP’s investigation concerns whether PLX’s Board of Directors has breached its fiduciary duties to act in the best interests of PLX’s stockholders and to take all necessary steps to ensure that PLX’s stockholders receive the maximum value readily available for their shares of PLX common stock.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at email@example.com to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.