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NEW YORK, May 03, 2017 -- The following statement is being issued by Levi & Korsinsky, LLP:
On October 31, 2016, stockholders of Intersil Corporation (“Intersil”) filed class action complaints in the Court of Chancery of the State of Delaware (the “Action”) against Intersil’s CEO and board members alleging claims for breaches of fiduciary duty. The claims in the Action derived from the execution of the merger agreement dated September 12, 2016, between Intersil and Renesas Electronics Corporation (“Renesas”) and the filing of what was alleged to be an incomplete and materially deficient Preliminary Proxy Statement with the United States Securities and Exchange Commission (“SEC”) on October 12, 2016. The class actions, among other things, sought additional disclosure of facts relating to the merger in connection with the stockholder vote thereupon and/or injunctive relief. On November 9, 2016, the Court granted Plaintiffs’ Motion for Consolidation and Appointment of Co-Lead and Liaison Counsel, consolidating the actions.
Intersil filed supplemental disclosures to address plaintiffs’ claims on November 18, 2016 on Form 8-K with the SEC. These supplemental disclosures pertained to communications between Renesas and members of Intersil management regarding their potential continued employment following a possible merger of the companies.
On December 13, 2016, the Court of Chancery entered an order dismissing the consolidated action with prejudice as to the plaintiffs, and without prejudice as to all other members of the putative class. Pursuant to the order, the Court of Chancery retained jurisdiction solely for the purpose of determining plaintiffs’ application for an award of attorneys’ fees and reimbursement of expenses.
After negotiations, to avoid further litigation expenses and to eliminate any risk associated with plaintiffs’ fee petition, the defendants have agreed to pay $150,000 in satisfaction of plaintiffs’ claims for fees and expenses pertaining to the Action. This fee will be paid by Renesas, and has not been approved or ruled upon by the Court of Chancery of Delaware.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
