Siliconix (NASDAQ:SILI)
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From Jul 2019 to Jul 2024
Today the attorneys representing plaintiffs in Proctor
v. Vishay Intertechnology, Inc. et al., Case No. 1-04-CV-018977,
currently pending in California Superior Court, Santa Clara County,
and originally filed on August 12, 2002, issued the following
statement:
"Apparently, some investors are confused regarding whether all
pending lawsuits against Siliconix, Inc. (NASDAQ:SILI) and Vishay
Intertechnology, Inc. (NYSE:VSH) are on the verge of settlement. In
fact, the case we are prosecuting in California does not look to
settle anytime soon. Today Vishay Intertechnology, Inc. filed with the
Securities and Exchange Commission a document entitled, "Amendment No.
2 to Form S-4." Page 10 of that document contains the following
statement concerning the Proctor lawsuit:
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'The plaintiff purports to allege both derivative claims on behalf
of Siliconix, on which any recovery would inure directly to the
benefit of Siliconix and indirectly to its stockholders, and class
action claims, on which any recovery would inure directly to Siliconix
stockholders who were members of the class. If the plaintiff were to
prevail in the case, Vishay could be forced to pay substantial
damages, either to Siliconix or directly to the stockholders of
Siliconix.
'Because the litigation is in its very early stages, the plaintiff
has not had an opportunity to take discovery. An actual trial on the
merits of the case would not likely occur in the near term.
Accordingly, Siliconix stockholders may not have the ability to assess
the value, if any, of the claims made in the litigation, and, if there
is value in the claims, whether the value is adequately reflected in
the consideration for Siliconix stock currently offered by Vishay.'
'If Vishay is successful in consummating the offer and the merger,
any value in the pending litigation may be lost to the public
stockholders of Siliconix.'
'If the offer and merger are successfully consummated, Vishay will
own 100% of the outstanding equity of Siliconix. In that circumstance,
any derivative claims asserted in the pending litigation on behalf of
Siliconix, even if successful, may inure solely to the benefit of
Vishay. Recovery on the purported class action claims might also be
denied to Siliconix stockholders, either because Vishay is successful
in having those claims dismissed or they are otherwise mooted as a
result of the merger. Thus, the offer and merger may deprive
stockholders of any value in the pending litigation.'
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"The attorneys for the plaintiffs in the Proctor v. Vishay
litigation intend to prosecute the case regardless of whether Vishay's
pending tender offer for Siliconix stock succeeds and will contend
that the offer and merger, even if effectuated, do not moot the
lawsuit."