NEW YORK, July 27, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Echelon Corporation (“Echelon” or the “Company”) (NASDAQ:ELON) and its board of directors (the “Board”), on behalf of a class consisting of all public stockholders of Echelon who have been harmed by Echelon in connection with alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “1934 Act”). The class action stems from a proposed transaction announced on June 29, 2018 (the “Proposed Transaction”), pursuant to which Echelon will be acquired by Adesto Technologies Corporation and its wholly-owned subsidiary, Circuit Acquisition Corporation (together, “Adesto”).
The Complaint alleges that on July 16, 2018, Defendants filed a preliminary proxy statement (the “Proxy Statement”) with the United States Securities and Exchange Commission (the “SEC”) in connection with the Proposed Transaction. The Complaint further alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.
If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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