The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of California on behalf of shareholders of Silicon Motion Technology Corporation who purchased American Depositary Shares between June 6, 2023 and July 26, 2023.
According to the complaint, the defendants made false statements and/or concealed that: (a) MaxLinear, Inc. (“MaxLinear”) had decided it would not consummate a business combination with Silicon Motion (the “Merger”) because the economic circumstances surrounding the Merger had materially changed, including a material downturn in the semiconductor industry and rising interest rates; (b) MaxLinear had determined to unilaterally terminate the Merger in the event the Merger was approved by China’s State Administration for Market Regulation (“SAMR”); (c) MaxLinear intended to argue that certain conditions in Article 6 of the Merger Agreement had not been satisfied as required by May 5, 2023 (i.e., before the Class Period) as a basis to terminate the Merger; and (d) as a result of (a)-(c) above, defendants had materially misrepresented the viability of the Merger, the purported benefits of the Merger, and the likelihood that the Merger would be consummated.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until October 31, 2023 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
