NEW YORK, Nov. 13, 2009 (GLOBE NEWSWIRE) -- Tripp Levy PLLC announces an investigation into the proposed acquisition of Silicon Storage Technology, Inc. (Nasdaq:SSTI). On November 13, 2009, Technology Resource Holdings, a Prophet Equity LP controlled entity, along with members of SST's management team (including its Chairman and CEO, Bing Yeh, and its Sr. V.P. and COO, Yah Wen Hu), announced that they have entered into an agreement to acquire the remaining shares of SSTI that they do not already own for $2.10 per share. The price per share represents only a 13% premium to the closing.
The investigation concerns whether the consideration to be paid to SSTI shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of SSTI. The investigation further concerns whether members of SSTI, may have breached their fiduciary duties by not acting in SSTI shareholders' best interests in connection with the sale process of SSTI.
If you are a current holder of SSTI and would like additional information concerning this proposed transaction, including your rights, please feel free to contact us at the information below.