Stockholder Files Suit Against IXYS, Littelfuse Over Proposed Merger

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IXYS Corporation, its board of directors, Iron Merger Co., Inc., and Littelfuse, Inc. are facing another proposed class action over a potential merger between IXYS and Littelfuse. The suit takes issue with the allegedly misleading proxy statement filed in connection with the transaction, arguing that it was missing information concerning the valuation analyses performed by IXYS’s financial advisor.

Furthermore, the complaint claims the proxy statement failed to disclose potential conflicts of interest among the board members, such as details of the defendants’ discussions concerning board members’ future employment.

The suit also argues that the defendants withheld information about the background of the sale process, noting that the proxy neglected to mention the reason another interested party decreased its proposal.