BALA CYNWYD, Pa., April 25, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of MEMSIC, Inc. ("MEMSIC" or the "Company") (Nasdaq- MEMS-News) relating to the proposed acquisition by IDG-Accel China Capital II, LP ("IDG") and affiliates.
Under the terms of the transaction MEMSIC shareholders will receive only $4.225 in cash for each share of MEMSIC stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of MEMSIC for not acting in the Company's shareholders' best interests in connection with the sale process. The focus of the investigation is on potential conflicts of interests and if this may have resulted in MEMSIC shareholders receiving inadequate compensation for their stock. Affiliates of IDG currently own 19.5% of the Company's outstanding stock and MEMSIC stock traded at $5.20 as recently as March 16, 2012.
If you own shares of MEMSIC stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [email protected] visiting http://brodsky-smith.com/573-mems-memsic-inc.html, by calling toll free 877-LEGAL-90.
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SOURCE Brodsky & Smith, LLC