NEW YORK, July 5, 2018 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Echelon Corp.
("ELON" or the "Company") (NASDAQ: ELON) in connection with
the proposed acquisition of the Company by Adesto Technologies
Corporation (NASDAQ: IOTS). Under the terms of the agreement,
ELON shareholders will receive $8.50
for each ELON share they own.
WeissLaw is investigating whether ELON's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $12.50 per ELON share, or $4.00 above the offer price. Additionally,
the acquisition is a lopsided transaction that heavily favors the
interests of IOTS and shareholders. According to IOTS's CEO,
"[w]ith the acquisition of [ELON], we are continuing to advance
toward our vision of becoming a significant player in semiconductor
and communication systems for IoT markets." Through the
acquisition of the Company, IOTS anticipates increased revenue and
acceleration in its margin expansion opportunities; accretion to
its EBITDA and non-GAAP earnings within the first 12 months;
substantial increases in Served Available Market; and a broader
portfolio of semiconductors, software and system solution for
Industrial IOT.
Given these facts, WeissLaw is investigating whether ELON's
Board acted in the best interests of ELON's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own ELON shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website, http://www.weisslawllp.com/echelon-corp/
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SOURCE WeissLaw LLP