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 email@example.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 firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/echelon-corp/
SOURCE WeissLaw LLP