NEW YORK, March 9, 2016 /PRNewswire/ -- Notice is hereby
given that Faruqi & Faruqi, LLP has filed a class action
lawsuit in the United States District Court for the Northern
District of California, case no.
3:16-cv-00811, on behalf of shareholders of Mattson Technology,
Inc. ("Mattson" or the "Company") (NasdaqGS:MTSN) who held Mattson
securities on the record date, February 4,
2016, and have been harmed by Mattson's and its board of
directors' (the "Board") alleged violations of Sections 14(a) and
20(a) of the Securities Exchange Act of 1934 (the "Exchange Act")
in connection with the proposed sale of the Company to
Beijing E-Town Dragon Semiconductor Industry Investment Center
(Limited Partnership) ("E-Town Dragon").
On December 2, 2015, the Company
announced it had entered into an Agreement and Plan of Merger
("Merger Agreement") under which E-Town Dragon will acquire all of
the outstanding shares of Mattson through Dragon Acquisition Sub,
Inc., a newly formed subsidiary of the acquirer (the "Proposed
Transaction"). The shareholder vote on the Proposed
Transaction is expected to occur on March
23, 2016.
The complaint charges Mattson and the Board with violations of
Sections 14(a) and 20(a) the Exchange Act.
If you wish to obtain information concerning this action or
view a copy of the complaint, you can do so by clicking here:
www.faruqilaw.com/MTSNnotice.
Pursuant to the terms of the Merger Agreement, which was
unanimously approved by the Board, Mattson shareholders will
receive $3.80 in cash per share for
each share of Mattson they own. The offer is 36% less than
the $6.00 per share price target
analysts at Needham & Co. issued as recently as February 2015 and 24% less than the $5.00 per share price target analysts at B Riley
& Co. issued as recently as late-October
2015. The offer is also significantly below Mattson's
52-week high stock price of $5.10 per
share.
The complaint alleges that the proxy statement (the "Proxy")
filed with the Securities and Exchange Commission ("SEC") on
February 17, 2016 provides materially
incomplete and misleading information about the Company and the
Proposed Transaction, in violation of Sections 14(a) and 20(a) of
the Exchange Act. The Proxy fails to provide Mattson's shareholders
with material information concerning the financial and procedural
fairness of the Proposed Transaction.
Furthermore, according to the complaint, the Merger Agreement
includes a non-solicitation provision, a matching rights
provisions, and a $8.58 million
termination fee which essentially ensure that a superior bidder
will not emerge, as any potential suitor will undoubtedly be
deterred from expending the time, cost, and effort of making a
superior proposal while knowing that E-Town Dragon can easily
foreclose a competing bid.
Take Action
Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm
with extensive experience in prosecuting class actions, and
significant expertise in actions involving corporate fraud.
Faruqi & Faruqi, LLP, was founded in 1995 and the firm
maintains its principal office in New
York City, with offices in Delaware, California, and Pennsylvania.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. Any member of the putative
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. If you wish to discuss this action, or have any
questions concerning this notice or your rights or interests,
please contact:
Juan E. Monteverde, Esq.
FARUQI & FARUQI, LLP
685 3rd Avenue, 26th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
E-mail: jmonteverde@faruqilaw.com
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SOURCE Faruqi & Faruqi, LLP