Faruqi & Faruqi, LLP Announces Investigation of Magma Design Automation Inc. (LAVA)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Magma Design Automation Inc. (“Magma Design” or the “Company”) (NASDAQ: LAVA) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Synopsys, Inc. (NASDAQ: SNPS) in an all-cash deal valued at about $507 million. Under the terms of the proposed transaction, Magma Design stockholders will receive $7.35 in cash for each share of Magma Design common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $11.00 for Magma Design.
Whether Magma Design’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Magma Design’s shares and by how much this proposed transaction undervalues the Company to the detriment of Magma Design’s shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
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