Law Offices of Hennefer & Wood and Blecher & Collins Announce: Plaintiffs Intend to Continue Prosecuting Proctor Lawsuit against
May 10 2005 - 4:57PM
Business Wire
Today the attorneys representing plaintiffs in Proctor v. Vishay
Intertechnology, Inc. et al., Case No. 1-04-CV-018977, currently
pending in California Superior Court, Santa Clara County, and
originally filed on August 12, 2002, issued the following
statement: "Apparently, some investors are confused regarding
whether all pending lawsuits against Siliconix, Inc. (NASDAQ:SILI)
and Vishay Intertechnology, Inc. (NYSE:VSH) are on the verge of
settlement. In fact, the case we are prosecuting in California does
not look to settle anytime soon. Today Vishay Intertechnology, Inc.
filed with the Securities and Exchange Commission a document
entitled, "Amendment No. 2 to Form S-4." Page 10 of that document
contains the following statement concerning the Proctor lawsuit:
-0- *T 'The plaintiff purports to allege both derivative claims on
behalf of Siliconix, on which any recovery would inure directly to
the benefit of Siliconix and indirectly to its stockholders, and
class action claims, on which any recovery would inure directly to
Siliconix stockholders who were members of the class. If the
plaintiff were to prevail in the case, Vishay could be forced to
pay substantial damages, either to Siliconix or directly to the
stockholders of Siliconix. 'Because the litigation is in its very
early stages, the plaintiff has not had an opportunity to take
discovery. An actual trial on the merits of the case would not
likely occur in the near term. Accordingly, Siliconix stockholders
may not have the ability to assess the value, if any, of the claims
made in the litigation, and, if there is value in the claims,
whether the value is adequately reflected in the consideration for
Siliconix stock currently offered by Vishay.' 'If Vishay is
successful in consummating the offer and the merger, any value in
the pending litigation may be lost to the public stockholders of
Siliconix.' 'If the offer and merger are successfully consummated,
Vishay will own 100% of the outstanding equity of Siliconix. In
that circumstance, any derivative claims asserted in the pending
litigation on behalf of Siliconix, even if successful, may inure
solely to the benefit of Vishay. Recovery on the purported class
action claims might also be denied to Siliconix stockholders,
either because Vishay is successful in having those claims
dismissed or they are otherwise mooted as a result of the merger.
Thus, the offer and merger may deprive stockholders of any value in
the pending litigation.' *T "The attorneys for the plaintiffs in
the Proctor v. Vishay litigation intend to prosecute the case
regardless of whether Vishay's pending tender offer for Siliconix
stock succeeds and will contend that the offer and merger, even if
effectuated, do not moot the lawsuit."
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