NEW YORK, Aug. 14, 2015 /PRNewswire/ -- WeissLaw LLP announces that it filed a class action lawsuit on August 14, 2015, in the U.S. District Court for the Central District of California (the "Court"), on behalf of the shareholders of Broadcom Corp. ("Broadcom") against Broadcom, and its Board of Directors for, among other things, violations of section 14(a) and 20(a) of the Securities and Exchange Act of 1934 (the "Exchange Act").
The complaint arises out of a May 28, 2015, press release announcing that Broadcom had entered into a definitive merger agreement with Avago Technologies Limited ("Avago"), pursuant to which Broadcom shareholders will receive $54.50 in cash and 0.4378 of an Avago share (the "Proposed Transaction"). The complaint seeks injunctive relief on behalf of the named plaintiffs and all other similarly situated shareholders of Broadcom as of May 28, 2015 (the "Class"). The named plaintiffs are represented by WeissLaw LLP.
The named plaintiffs allege that certain of the defendants breached their fiduciary duties of loyalty and due care owed to Broadcom shareholders; and in an attempt to secure shareholder approval of the Proposed Transaction, filed a materially false and misleading registration statement on Form S-4 with the U.S. Securities and Exchange Commission in violation of the Exchange Act and their fiduciary duties of candor and full disclosure. The omitted and/or misrepresented information is believed to be material to Broadcom shareholders' ability to make an informed decision whether to approve the Proposed Transaction.
If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from August 14, 2015. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Joshua Rubin or Kelly Keenan of WeissLaw LLP at 888.593.4771, or by e-mail at firstname.lastname@example.org. Any member of the Class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent Class member.
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. For more information about the firm, please go to: http://www.weisslawllp.com.
SOURCE WeissLaw LLP