SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of MEMSIC, Inc. in Connection with the Sale of the Company to IDG-Accel China Capital II, LP
NEW YORK, April 29, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of MEMSIC, Inc. ("MEMSIC" or the "Company") (NasdaqGM: MEMS) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to IDG-Accel China Capital II, LP ("IDG") and affiliates.
Click here to learn more about the investigation http://zlk.9nl.com/memsic-inc-mems/, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, MEMSIC shareholders will receive $4.225 for each share of MEMSIC stock they own. Affiliates of IDG currently own approximately 19.5% of the Company's outstanding stock. The transaction has a total approximate value of $88.5 million. The investigation concerns whether the MEMSIC Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether IDG and affiliates are underpaying for MEMSIC stock, thus unlawfully harming MEMSIC stockholders.
If you own common stock in MEMSIC and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/memsic-inc-mems/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP