http://investor.vitesse.com/secfiling.cfm?filingid=1193125-15-126833&CIK=880446
Posted by Pac5705 - 11 years ago
How can these lawsuits have been filed 2 weeks ago but the public only gets to hear of them 2 weeks later..... Does that explain the high volume of shares traded even lower than the $5.28 price. I think this warrants additional answers....
Posted by Pac5705 - 11 years ago
Since getting claw-back from any of the individuals responsible for this debacle is NOT on the table, the very best that we can hope for from the slip-and-fall lawyers is to scare off MicroSemi completely, hold up the acquisition, or to wind up having the slip-and-fall lawyers suing the shareholders (us!), and at some point in the future get some nominal portion of that back above and beyond the vultures' "costs".
VTSS may now become the turd that will not flush. The uncertainty in whether the deal will go to completion or not is now reflected in a share price below the offering price. Our legal system in this instance can best be thought of as parasitic relative to anyone creating real wealth.
Good luck to us all.
Posted by phobos - 11 years ago
Pac- As of 3 weeks ago there were 11 Law Firms that were investigating/filing lawsuits against this takeover claiming BOD/VTSS Management didn't perform their fiduciary responsibility to get shareholders the best possible deal.
Knowing VTSS track record and their incompetent management, I wouldn't be surprised if deal gets derailed and VTSS is left at the altar.
Posted by Techinvestor - 11 years ago
According to the filings this morning they settled the lawsuits so as to “to permit the timely consummation of the Merger,” As part of the “settlement” the company made the additional disclosures that were filed yesterday. But the cynic in me says there has to be more as alluded to in the statement “among other things.” I take it they probably paid legal fees to the ambulance chasers who filed the suits (on our behalf). So is that it, the lawyers get $$$ and we get a “SC 14D9/A” filing?
Anyone know how we can see a copy of the settlement to find out how much the sharks got?
From the filing:
“On April 20, 2015, the parties to the Delaware Action entered into a memorandum of understanding (the “Memorandum of Understanding”) to settle the Delaware Action.
The Memorandum of Understanding provides that, among other things, the Company would make additional disclosures concerning the circumstances leading up to the Offer. Such additional disclosures were contained in Amendment No. 4 to the Schedule 14D-9 of the Company filed with the SEC on April 20, 2015.
Posted by 8yrbagholder - 11 years ago
This is an extortion payment (if it is a payment) that benefits no one but the slip and fall lawyers. Our system is sick.
Posted by phobos - 11 years ago
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