NEW YORK, Aug. 8, 2018 /PRNewswire/ -- Notice is hereby given that Monteverde & Associates PC has filed a class action lawsuit in the United States District Court for The Northern District of California, Case No.5:18-cv-4415, on behalf of shareholders of Echelon Corporation ("Echelon" or the "Company") (NasdaqGS: ELON) who held Echelon shares and have been harmed by Echelon and its board of directors' (the "Board") for alleged violations of Sections 14(a), and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the sale of the Company to Adesto Technologies Corporation (NasdaqCM: IOTS) ( the "Merger Agreement").
Under the terms of the agreement, Echelon shareholders will receive $8.50 for each Echelon share of common stock they own. The complaint questions the fairness of the consideration offered to the Company's shareholders and alleges that the proxy statement regarding the Proposed Transaction (the "Proxy") fails to disclose material information that is necessary for shareholders to properly assess the fairness of the Proposed Transaction, thereby rendering certain statements in the Proxy incomplete and misleading.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Click here for more information: https://monteverdelaw.com/case/echelon-corporation. It is free and there is no cost or obligation to you.
Monteverde & Associates PC is a national class action securities and consumer litigation law firm committed that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates PC lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave, Suite 4405
New York, NY 10118
United States of America
Tel: (212) 971-1341
Attorney Advertising. (C) 2018 Monteverde & Associates PC. Prior results do not guarantee a similar outcome with respect to any future matter.
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