Settlement of In re PLX Technology, Inc. Stockholders Litigation
Consolidated C.A. No. 9880-VCL
The parties have reached a partial settlement of this action, pending in the Court of Chancery of the State of Delaware. The settlement provides for the payment of $14,125,000 for the benefit of eligible Class Members. Plaintiffs allege that the former members of the board of directors (the “Board”) of PLX Technology, Inc. (“PLX”) breached their fiduciary duties in connection with the sale of PLX to Avago Technologies Wireless (U.S.A.) Manufacturing, Inc. (“Avago”), which was publicly announced on June 23, 2014 and completed on August 12, 2014. Plaintiffs also allege that Deutsche Bank Securities Inc. (“Deutsche Bank”) and Potomac Capital Partners II, L.P. aided and abetted these breaches of fiduciary duty. The settlement resolves claims for breaches of fiduciary against the Board and claims for aiding and abetting these breaches against Deutsche Bank.
The Court has scheduled a hearing to consider final approval of the settlement for November 17, 2016, at 10:00 a.m.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.