Magma Design Automation, Inc.

Robbins Umeda LLP Announces an Investigation of Magma Design Automation, Inc.

Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Magma Design Automation, Inc. (NASDAQ: LAVA) in connection with their efforts to sell the company to Synopsys, Inc.  

On November 30, 2011, Magma announced that it had entered into a definitive merger agreement pursuant to which Synopsys will acquire Magma for $7.35 per Magma share in cash.  The boards of directors of both companies have unanimously approved the transaction, which is expected to close in the second quarter of 2012.

Robbins Umeda LLP’s investigation focuses on whether Magma’s board is undertaking a fair process to obtain maximum value and adequately compensate shareholders.  There are at least three analysts with price targets ranging from $7.50 to $11.00 per share, all higher than the offer price.  Moreover, Magma traded over the offer price as recently as July 7, 2011, when it traded as high as $8.50 and closed at $8.45 that same day.

If you own stock in Magma and would like more information about your shareholder rights, please complete the form below and we will contact you directly.  We also welcome you to call us at 800-350-6003.

 

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