If You Were The Record Or Beneficial Owner Of Common Stock Of California Micro Devices Corporation (“CAMD” Or “California Micro Devices”) From December 14, 2009, Through And Including The Consummation Of The Acquisition Of CAMD By On Semiconductor Corporation (“ONNN”) On January 27, 2010, Your Rights May Be Affected By A Class Action Settlement.
A class action settlement has been reached in several class action lawsuits filed against California Micro Devices (CAMD), On Semiconductor Corporation, PAC-10 Acquisition and others (collectively “Defendants”) in the Superior Court of California for Santa Clara County (styled Robert Varrenti v. Dickinson, et al., Case No. 1-09-CV-759649) and in the Court of Chancery of the State of Delaware (styled Annemarie Medeiros v. California Micro Devices Corp., et al., Case No. 5159-VCP and Israni v. California Micro Devices Corp., et al., Case No. 5181-VCS) challenging the December 14, 2009, Agreement and Plan of Merger (the “Merger Agreement”) California Micro Devices CAMD entered into with On Semiconductor ONNN whereby California Micro Devices would be acquired by On Semiconductor in a cash transaction by means of an all-cash tender offer (the “Tender Offer”) and second-step merger valued at approximately $108 million (together, the “Acquisition”), including the disclosures in the Schedule 14D-9 and certain terms of the Merger Agreement, according to the California Micro Devices & On Semiconductor class action settlement notice.
The California Micro Devices & On Semiconductor securities class action lawsuit settlement reportedly provides that California Micro Devices CAMD has made additional disclosures concerning the Acquisition by filing an amended Form Schedule 14D-9 with the SEC on or about January 19, 2009, including the following additional disclosures:
- Additional information regarding other strategic alternatives considered by CAMD’s Board of Directors.
- Additional information regarding Needham & Company’s Selected Transaction Analysis, including the selection of companies used in its analysis.
- Additional information regarding the risks faced by CAMD going forward and projected financial information.
- Additional information regarding other potential bidders or alternatives for CAMD.
- Additional information regarding the fees paid to Needham & Company.
- Additional information regarding the companies used in the Selected Company Analysis.
California Micro Devices CAMD or its successor will also reportedly be responsible for paying all reasonable costs and expenses incurred in providing notice to the Settlement Class.
A class action settlement hearing is scheduled to be held on July 23, 2010, at 9:00 a.m., before the Honorable Joseph Huber, Superior Court Judge, at the Santa Clara County Superior Court, Downtown Superior Court, 191 N. First Street, San Jose, CA 95113 (the “Settlement Hearing”) to determine: (a) whether the settlement should be approved as fair, reasonable, and adequate; and (b) whether the Judgment should be entered.
For more information on the California Micro Devices & On Semiconductor class action lawsuit settlement and potential settlement benefits, visit the California Micro Devices Securities Litigation website:
http://www.gilardi.com/camd/
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