BOSTON, MA / ACCESSWIRE / September 5, 2023 / A class action lawsuit has been filed against MaxLinear, Inc. ("MaxLinear") and certain of its senior executives on behalf of investors that purchased American Depository Shares ("ADSs") of Silicon Motion Technology Corporation (NASDAQ:SIMO). Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/simo.
What is this all about?
The Complaint alleges that the Defendants made allegedly false and misleading statements and omissions of material facts related to MaxLinear and Silicon Motion Technology's previously announced business combination. Specifically, MaxLinear had decided to terminate the merger due to changed economic conditions even if the merger received approval by China's State Administration for Market Regulation ("SAMR"), intending to argue that certain merger conditions had not been met by a May 5, 2023 deadline.
On July 26, 2023, the SAMR approved the merger, after which the price of Silicon Motion Technology's ADS's nearly doubled from the prior day's closing price. Later that day, MaxLinear announced it was terminating the merger. Silicon Motion Technology ADSs dropped more than 40% in intraday trading on July 27, 2023.
Who is eligible?
Anyone who purchased Silicon Motion Technology ADS between June 6, 2023 and July 26, 2023, and has lost money may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is October 31, 2023. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at [email protected], or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email [email protected] with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: [email protected]
www.blockleviton.com
SOURCE: Block & Leviton LLP