NEW YORK, June 11, 2014 (GLOBE NEWSWIRE) -- The fairness of the proposed acquisition of Hittite Microwave Corporation ("HITT" or the "Company") by Analog Devices, Inc. ("ADI") is the subject of an examination by WeissLaw LLP, a national class action, shareholder rights law firm. The examination is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of HITT for agreeing to sell the Company to ADI. On Monday June 9, 2014, HITT and ADI jointly announced that they had entered into a definitive agreement for ADI to acquire all outstanding shares of HITT in a transaction valued at approximately $2 billion. Under the terms of the agreement, Company shareholders will receive $78 in cash for each HITT share they own.
WeissLaw LLP is investigating whether HITT's Board acted to maximize shareholder value prior to entering into the agreement with ADI. Notably, HITT recently reported positive financial results. On April 24, 2014, the Company reported revenue of $70.6 million for the first quarter 2014, an increase over both the previous quarter and the first quarter 2013. Moreover, the Company beat analysts' estimates for comparable adjusted net income in three of the last four quarters and estimates for comparable sales in every quarter during the past year.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell HITT and whether HITT shareholders will obtain their fair proportionate share of the Company's continued success and future growth prospects. If you own HITT shares and would like more information about your rights or our investigation, please contact Joshua Rubin or Kelly Keenan either by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
The firm is also in the process of investigations on behalf of shareholders of American Realty Capital Healthcare Trust, Inc., Deutsche Telekom AG, Idenix Pharmaceuticals, and Protective Life Corporation.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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