Axcelis, based in Beverly, MA, said that it rejected Sumitomo's offer because it undervalued the company and its prospects for reclaiming market share; the deal was not in the best interests of Axcelis and its shareholders.
A class action lawsuit has been filed against the semiconductor manufacturer for allegedly breaching their fiduciary duty to shareholders by rejecting a lucrative takeover bid. The lawsuit was filed in the Superior Court for the Commonwealth of Massachusetts on behalf of all Axcelis Technologies shareholders. The class action claims Axcelis deprived shareholders of the opportunity to maximize their investment by rejecting the unsolicited offer from Sumitomo Heavy Industries Ltd. for $532 million. It contends Axcelis and its board of directors breached their fiduciary duty and failed to act in the best interest of its shareholders by refusing to hold merger talks with Sumitomo.
Axcelis, based in Beverly, MA, said that it rejected Sumitomo's offer because it undervalued the company and its prospects for reclaiming market share; the deal was not in the best interests of Axcelis and its shareholders.
Axcelis, based in Beverly, MA, said that it rejected Sumitomo's offer because it undervalued the company and its prospects for reclaiming market share; the deal was not in the best interests of Axcelis and its shareholders.
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