New York, New York (PressExposure) December 16, 2009 -- Levi & Korsinsky is investigating the Board of Directors of California Micro Devices Corp. ("CAMD" or the "Company") (NasdaqGM: CAMD) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to On Semiconductor Corp. ("On Semi") (NasdaqGS: ONNN). Under the terms of the deal, CAMD shareholders will receive $4.70 in cash for each CAMD share they own for a total transaction value of approximately $103 million.
The investigation concerns whether the CAMD Board of Directors breached their fiduciary duties to CAMD stockholders by failing to adequately shop the Company before entering into this transaction and whether On Semi is underpaying for CAMD shares, thus unlawfully harming CAMD stockholders. The offer price is substantially below the $6.00 per share price target set by at least one analyst.
If you own common stock in CAMD and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/camd1.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
Contact: Levi & Korsinsky, LLP Joseph Levi, Esq Eduard Korsinsky, Esq 30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500, Fax: (212) 363-7171 http://www.zlk.com.