NEW YORK, Sept. 9, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Intellon Corporation ("Intellon" or the "Company") (Nasdaq:ITLN) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Atheros Communications Inc. ("Atheros") (Nasdaq:ATHR). Under the terms of the agreement, Intellon shareholders can elect to receive for each Intellon share they own either 0.267 Atheros shares, $7.30 in cash, or 0.125 Atheros shares plus $3.60 in cash. The actual amounts each Intellon shareholder will receive will be subject to adjustments that reflect the elections of other Intellon shareholders. The total transaction is valued at approximately $244 million.
For fiscal year 2008, the Company reported revenues of $75.37 million and net income of $921,000 as compared to revenues of $52.31 million and a loss of $14.07 million for 2007. The investigation concerns whether the merger consideration is adequate and whether the Intellon Board of Directors breached their fiduciary duties to Intellon shareholders by agreeing to a strict no-solicitation provision and an $8.5 million termination fee that will all but ensure that no superior proposal will ever be forthcoming.
If you own common stock in Intellon and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/itln1.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.