EX-99.(A)(5)(VII) 6 dex99a5vii.htm CLASS ACTION COMPLAINT - "VLADIMIR GUSINSKY REV. TRUST V. SILICON STORAGE ..." Class Action complaint - "Vladimir Gusinsky Rev. Trust v. Silicon Storage ..."

Exhibit (a)(5)(vii)

 

1    LIONEL Z. GLANCY (#134180)         
2    MICHAEL GOLDBERG (#188669)         
3    GLANCY BINKOW & GOLDBERG LLP         
4    1801 Avenue of the Stars, Suite 311         
5    Los Angeles, California 90067         
6    Telephone:     (310) 201-9150         
7    Facsimile:      (310) 201-9160         
8    Email:             info@glanyclaw.com         
9    Attorneys for Plaintiffs         
10    [Additional Counsel Appear on Signature Page]         
11    SUPERIOR COURT OF THE STATE OF CALIFORNIA
12    FOR THE COUNTY OF SANTA CLARA
13    VLADIMIR GUSINSKY REV. TRUST, on    )            Case No. 109CV157611
14    behalf of itself and all others similarly situated,    )      
      )    CLASS ACTION   
      )      
15    Plaintiff,                )      
16       )      
17       )      
18       )   

SHAREHOLDER’S CLASS ACTION

COMPLAINT

  
19    SILICON STORAGE TECHNOLOGY INC.,    )      
20    BING YEH, YAW WEN HU, RONALD    )      
21    CHWANG, TERRY M. NICKERSON,    )    JURY TRIAL DEMANDED   
22    BRYANT R. RILEY, EDWARD YAO-WU    )      
23    YANG    )      
24       )      
25       )      
26       )      
27    Defendants.            )      
28       )      
   SHAREHOLDER’S CLASS ACTION COMPLAINT


1   

Plaintiff, Vladimir Gusinsky Rev. Trust, by its attorneys, alleges as follows:

2    SUMMARY OF THE ACTION
3   

1. This is a stockholder class action brought by plaintiff on behalf of the holders of

4    Silicon Storage Technology Inc. (“Silicon Storage” or the “Company”) common stock against
5    Silicon Storage and its directors arising out of defendants’ efforts to complete the sale of Silicon
6    Storage at a grossly inadequate and unfair price (the “Proposed Acquisition”) and their efforts to
7    provide certain insiders and directors with preferential treatment at the expense of, and which is
8    unfair to, the public shareholders. Defendants have agreed to sell the Company to Technology
9    Resource Holdings, Inc., a Prophet Equity LP -controlled entity, as well as members of the Silicon
10    Storage management. (collectively the “Acquirers”).
11   

2. In pursuing the unlawful plan to cash out Silicon Storage’s public stockholders for

12    grossly inadequate consideration, each of the defendants violated applicable law by directly
13    breaching and/or aiding the other defendants’ breaches of their fiduciary duties of loyalty, due care,
14    independence, good faith and fair dealing.
15   

3. In entering into the merger agreement, without full and fair disclosure of all material

16    information, each of the Defendants violated and continues to violate applicable law by directly
17    breaching and/or aiding and abetting the Defendants’ breaches of their fiduciary duties of loyalty,
18    due care, independence, candor, good faith and fair dealing.
19   

4. Instead of seeking to obtain the highest price reasonably available for the Company,

20    the Individual Defendants spent substantial efforts to ensure that the Proposed Acquisition could not
21    be disturbed by another interested bidder. Defendants agreed to certain deal protection devices,
22    including a termination fee, which is nothing more than a liquidated damages provision that serves
23    as a tax on any party considering making a superior offer.
24   

5. Defendants’ motivation was clear. By catering the process to the Acquirers to

25    facilitate a going-private transaction, Defendants are trying to preserve their jobs and allow
26    themselves to participate in the profits of the Company going forward.
27   
28   

 

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SHAREHOLDER’S CLASS ACTION COMPLAINT


1   

6. As alleged herein, the Proposed Transaction is the product of a hopelessly flawed

2    process that was designed to divert Silicon Storage’s assets to the Acquirers, and the Acquirers
3    only, on terms preferential to the Acquirers and detrimental to Plaintiff and the other public
4    stockholders of Silicon Storage. Plaintiff seeks to enjoin the Proposed Transaction.
5   

7. Absent judicial intervention, the merger will be consummated, resulting in

6    irreparable injury to Plaintiff and the Class. This action seeks to enjoin the unreasonable steps taken
7    by the Defendants in entering into the merger agreement without attempting to maximize
8    shareholder value in order to obtain millions of dollars in benefits for themselves. Immediate
9    judicial intervention is warranted here to rectify existing and future irreparable harm to the
10    Company’s shareholders. Plaintiff, on behalf of the Class, seeks only to level the playing field and
11    to ensure that if shareholders are to be ultimately stripped of their respective equity interests through
12    the Proposed Transaction, that the Proposed Transaction is conducted in a manner that is not overtly
13    improper, unfair and illegal, and that all material information concerning the Proposed Transaction
14    is disclosed to the Silicon Storage shareholders so that they are able to make informed decisions as
15    to whether to vote in favor or against the Buyout or to seek appraisal of their shares.
16    JURISDICTION AND VENUE
17   

8. This Court has jurisdiction over the subject matter of this action pursuant to the

18    California Constitution, Article VI, Section 10, because this case is an action not given by statute to
19    other trial courts.
20   

9. This Court has jurisdiction over the Defendants in this action because Silicon

21    Storage is headquartered in this State and because the improper conduct alleged in this Complaint
22    occurred in and/or was directed at this State. This Court has jurisdiction over each Defendant
23    because their wrongful conduct challenged in this Complaint was directed at, and intended to have
24    its primary effect in, this State. Finally, many of the Individual Defendants (as defined below)
25    reside in California.
26   

10. Venue lies in this Court because the Company’s principal place of business is located

27    in Sunnyvale California, and Defendants’ wrongful acts occurred in substantial part in Santa Clara
28   

 

- 2 -

SHAREHOLDER’S CLASS ACTION COMPLAINT


1    County. Venue is also proper in this Court because many of those affected by Defendants’
2    wrongful conduct reside in this County, and many of the potential witnesses reside or work in this
3    County.
4   

11. This action challenges the internal affairs or governance of IRF and hence is not

5    removable to Federal Court under the Class Action Fairness Act of 2005 or the Securities Litigation
6    Uniform Standards Act (“SLUSA”), 15 U.S.C. § 78bb(f).
7    PARTIES
8   

12. Plaintiff Vladimir Gusinsky Rev. Trust is and at all times relevant hereto was a

9    shareholder of Silicon Storage.
10   

13. Defendant Silicon Storage, is a California corporation. Silicon Storage supplies

11    NOR flash memory semiconductor devices for the digital consumer, networking, wireless
12    communications, and the Internet computing markets. The Company produces and sells
13    semiconductor products, including NAND flash controllers and NAND controller-based modules,
14    smart card integrated circuits (ICs) and modules, flash microcontrollers, and radio frequency ICs
15    and modules. It also produces and sells various products based on its SuperFlash design and
16    manufacturing process technology, as well as licenses the SuperFlash technology for applications in
17    semiconductor devices that integrate flash memory with other functions on a monolithic chip. The
18    Company sells its products in Asia through its representatives, as well as in North America and
19    Europe through manufacturers’ representatives and distributors. Silicon Storage was founded in
20    1989.
21   

14. Defendant Bing Yeh (“Yeh”) is the President, Chief Executive Officer and a member

22    of the Board of Directors since the Company’s inception in 1989. In April 2004, he was appointed
23    Chairman of the Board of Directors. From 1979 to 1981, Yeh was a senior development engineer
24    of EEPROM technology of Intel Corporation (“Intel”). According to the Proxy Statement filed with
25    the SEC on April 30, 2009, Yeh is the beneficial owner of 11.3 % of Silicon Storage reported
26    outstanding shares.
27   
28   

 

- 3 -

SHAREHOLDER’S CLASS ACTION COMPLAINT


1   

15. Defendant Yaw Wen Hu (“Hu”) has been a member of the Board of Directors since

2    September 1995. He is currently Executive Vice President and Chief Operating Officer. In August
3    1999, he became Vice President, Operations and Process Development. In January 2000, he was
4    promoted to Senior Vice President, Operations and Process Development. In April 2004, he was
5    promoted to Executive Vice President and Chief Operating Officer. From 1978 to 1985, he worked
6    as a senior staff engineer in Intel. According to the Proxy Statement filed with the SEC on April 30,
7    2009, Hu is the beneficial owner of 1.4 % of Silicon Storage reported outstanding shares.
8   

16. Defendant Ronald Chwang (“Chwang”) has been a member of the Board of

9    Directors since June 1997. Since 1997, Dr. Chwang has been the Chairman and President of iD
10    Ventures America, LLC, a venture capital management company under the iD SoftCapital Group.
11    Chwang is a general partner of iD8 Fund under the management of iD Ventures America, LLC.
12   

17. Defendant Terry M. Nickerson (“Nickerson”) has been a member of the Board of

13    Directors since April 2005.
14   

18. Defendant Bryant R. Riley (“Riley”) has been a member of the Board of Directors

15    since June 2008. Riley has been the Managing Member and founder of Riley Investment
16    Management LLC and founder and Chairman of B. Riley & Co., LLC. According to the Proxy
17    Statement filed with the SEC on April 30, 2009, Riley is the beneficial owner of 4.3 % of Silicon
18    Storage reported outstanding shares.
19   

19. Defendant Edward Yao-Wu Yang (“Yang”) has been a member of the Board of

20    Directors since October 2007. Yang is a general partner of iD8 Fund under the management of iD
21    Ventures America.
22   

20. The defendants named above in ¶¶14-19 are sometimes collectively referred to

23    herein as the “Individual Defendants.”
24    DEFENDANTS’ FIDUCIARY DUTIES
25   

21. In any situation where the directors of a publicly traded corporation undertake a

26    transaction that will result in either (i) a change in corporate control or (ii) a break-up of the
27    corporation’s assets, the directors have an affirmative fiduciary obligation to obtain the highest
28   

 

- 4 -

SHAREHOLDER’S CLASS ACTION COMPLAINT


1    value reasonably available for the corporation’s shareholders, and if such transaction will result in a
2    change of corporate control, the shareholders are entitled to receive a significant premium. To
3    diligently comply with these duties, the directors may not take any action that:
4   

(a) adversely affects the value provided to the corporation’s shareholders;

5   

(b) will discourage or inhibit alternative offers to purchase control of the

6   

corporation or its assets;

7   

(c) contractually prohibits them from complying with their fiduciary duties;

8   

(d) will otherwise adversely affect their duty to search and secure the best value

9   

reasonably available under the circumstances for the corporation’s shareholders; and/or

10   

(e) will provide the directors with preferential treatment at the expense of, or

11   

separate from, the public shareholders.

12   

22. In accordance with their duties of loyalty and good faith, the defendants, as directors

13    and/or officers of Silicon Storage, are obligated to refrain from:
14   

(a) participating in any transaction where the directors’ or officers’ loyalties are

15   

divided;

16   

(b) participating in any transaction where the directors or officers receive or are

17   

entitled to receive a personal financial benefit not equally shared by the public shareholders of the

18   

corporation; and/or

19   

(c) unjustly enriching themselves at the expense or to the detriment of the public

20   

shareholders.

21   

23. Plaintiff alleges herein that the Individual Defendants, separately and together, in

22    connection with the Proposed Acquisition, violated the fiduciary duties owed to plaintiff and the
23    other public shareholders of Silicon Storage, including their duties of loyalty, good faith and
24    independence, insofar as they stood on both sides of the transaction and engaged in self-dealing and
25    obtained for themselves personal benefits, including personal financial benefits not shared equally
26    by Plaintiff or the Class. As a result of the Individual Defendants’ self-dealing and divided
27    loyalties, neither Plaintiff nor the Class have received or will receive, without court intervention, a
28   

 

- 5 -

SHAREHOLDER’S CLASS ACTION COMPLAINT


1    fair process or fair price in the Proposed Acquisition.
2   

24. Because the Individual Defendants have breached their duties of loyalty, good faith

3    and independence in connection with the Proposed Acquisition, the burden of proving the inherent
4    or entire fairness of the Proposed Acquisition, including all aspects of its negotiation, structure,
5    price and terms, is placed upon the Individual Defendants as a matter of law.
6    CLASS ACTION ALLEGATIONS
7   

25. Plaintiff brings this action on its own behalf and as a class action, on behalf of all

8    stockholders of Silicon Storage, except Defendants herein and any person, firm, trust, corporation,
9    or other entity related to or affiliated with any of the Defendants, who are threatened with injury
10    arising from Defendants’ actions as is described more fully below (the “Class”)
11   

26. This action is properly maintainable as a class action.

12   

27. The Class is so numerous that joinder of all members is impracticable. There are

13    more than 96 million shares of Silicon Storage common stock outstanding held by thousands of
14    shareholders geographically dispersed across the country.
15   

28. There are questions of law and fact which are common to the Class and which

16    predominate over questions affecting any individual Class member. The common questions
17    include, inter alia, the following:
18   

(a) whether Defendants have breached and are continuing to breach their

19   

fiduciary duties of undivided loyalty, independence or due care with respect to Plaintiff and the

20   

other members of the Class in connection with the Proposed Merger; and

21   

(b) whether Plaintiff and the other members of the Class would suffer irreparable

22   

injury were the transaction complained of herein consummated.

23   

29. Plaintiff’s claims are typical of the claims of the other members of the Class and

24    Plaintiff does not have any interests adverse to the Class.
25   

30. Plaintiff is an adequate representative of the Class, has retained competent counsel

26    experienced in litigation of this nature and will fairly and adequately protect the interests of the
27    Class.
28   

 

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SHAREHOLDER’S CLASS ACTION COMPLAINT


1   

31. The prosecution of separate actions by individual members of the Class would create

2    a risk of inconsistent or varying adjudications with respect to individual members of the Class
3    which would establish incompatible standards of conduct for the party opposing the Class.
4   

32. Plaintiff anticipates that there will be no difficulty in the management of this

5    litigation as a class action. A class action is superior to other available methods for the fair and
6    efficient adjudication of this controversy.
7   

33. Defendants have acted on grounds generally applicable to the Class with respect to

8    the matters complained of herein, thereby making appropriate the relief sought herein with respect
9    to the Class as a whole.
10    THE PROPOSED ACQUISITION
11   

34. On November 13, 2009, the Company issued a press release entitled “Silicon Storage

12    Technology to Be Acquired for $2.10 per Share.” The release stated in part:
13   

SST (Silicon Storage Technology, Inc.) (Nasdaq: SSTI - News), a

  

memory and non-memory products provider for high-volume

14   

applications in the digital consumer, networking, wireless

  

communications and Internet computing markets, today announced

15   

that it has entered into a definitive merger agreement to be

  

acquired by Technology Resource Holdings, Inc., a Prophet Equity

16   

LP-controlled entity, as well as by members of SST’s management

  

team. Prophet Equity LP will acquire all of the outstanding

17   

common stock of the company for $2.10 per share, except for

  

shares held by Bing Yeh, SST’s Chairman and Chief Executive

18   

Officer, and Yaw Wen Hu, SST’s Executive Vice President and

  

Chief Operating Officer and member of the Board of Directors,

19   

who have agreed to exchange all of their shares of SST common

20   

stock for shares of capital stock of the resulting privately held

21   

company. This price per share represents approximately a 13

22   

percent premium to the closing price per share of SST’s stock on

  

November 12, 2009…

23   

The agreement contains a go-shop provision under which

24   

the Strategic Committee, with the assistance of its independent

25   

advisors, has the right to solicit proposals or offers with respect to,

26   

or that would reasonably be expected to lead to, an acquisition

27   

proposal from a third party for a 45 day period beginning on

28   

November 13, 2009. SST does not intend to disclose any

  

developments with respect to this solicitation process unless or

  

until the Strategic Committee has made a decision with respect to

  

any proposals or offers it may receive.

 

- 7 -

SHAREHOLDER’S CLASS ACTION COMPLAINT


1   

“After an extensive review of strategic alternatives with

  

company management and our financial advisors, we determined

2   

this all-cash sale of the company with a go-shop provision is in the

3   

best interests of the company’s shareholders,” said Ronald

  

Chwang, chairman of the Strategic Committee.

4   

“We believe that this transaction provides the greatest

  

likelihood of achieving the highest value for the company’s

5   

shareholders, and that this is also in the best interest of our

  

customers, partners and employees. We believe the added

6   

flexibility of being a private company will help us to focus on

  

delivering innovative memory and non-memory solutions to our

  

customers and supporting their needs with the highest levels of

7   

service that they have come to expect,” said Bing Yeh, co-Founder

8   

and Chief Executive Officer of SST.

9   

The transaction, which is expected to close in the second

  

quarter of 2010, is subject to regulatory approvals and approval of

10   

the agreement by (i) the holders of a majority of the company’s

  

outstanding common stock represented and voting at a special

11   

meeting to be held to approve the transaction, excluding Bing Yeh

12   

and Yaw Wen Hu, and (ii) the holders of a majority of the

13   

company’s outstanding common stock, and other customary

  

closing conditions.

14   

35. On the day the Proposed Acquisition was announced, the Company’s stock closed at

15    $2.24.
16   

36. Based on shareholders’ views that the Proposed Acquisition greatly undervalues the

17    Company, Silicon Storage’s stock price has traded above $2.10 since the Proposed Acquisition was
18    announced.
19   

37. If the Proposed Acquisition is allowed to proceed, without adequate information

20    being disclosed to shareholders or an otherwise fair process or fair price being provided to them,
21    shareholders will be irreparably injured and will be otherwise forever foreclosed from participating
22    in Silicon Storage’s business and its prospects.
23   

38. The Individual Defendants are obligated to maximize the value of Silicon Storage to

24    the shareholders. The Class members are being deprived of their right to a fair and unbiased
25    process to sell the Company and the opportunity to obtain maximum value and terms for their
26    interests, without preferential treatment to the insiders.
27   

39. By reason of their positions with Silicon Storage, the Individual Defendants are in

28    possession of non-public information concerning the financial condition and prospects of Silicon
  

 

- 8 -

SHAREHOLDER’S CLASS ACTION COMPLAINT


1    Storage, and especially the true value and expected increased future value of Silicon Storage and its
2    assets, which they have not disclosed to Silicon Storage’s public stockholders. Moreover, despite
3    their duty to maximize shareholder value, the defendants have clear and material conflicts of
4    interest and are acting to better their own interests at the expense of Silicon Storage’s public
5    shareholders.
6   

40. The Board members and advisors identified herein have irremediable positions of

7    conflict and cannot be expected to act in the best interests of Silicon Storage’s public stockholders
8    in connection with this Proposed Acquisition.
9   

41. The Proposed Acquisition is wrongful, unfair and harmful to Silicon Storage’s public

10    stockholders, and represents an effort by management to aggrandize their own financial position
11    and interests at the expense of and to the detriment of Class members. The Proposed Acquisition is
12    an attempt to deny Plaintiff and the other members of the Class their right to share proportionately
13    in the true value of Silicon Storage’s valuable assets and future growth in profits and earnings,
14    while usurping the same for the benefit of Yeh and Hu on unfair and inadequate terms.
15   

42. As a result of defendants’ unlawful actions, Plaintiff and the other members of the

16    Class will be damaged in that they will not receive their fair portion of the value of Silicon
17    Storage’s assets and business and will be prevented from obtaining the real value of their equity
18    ownership of the Company.
19   

43. In light of the foregoing, the Individual Defendants must, as their fiduciary

20    obligations require:
21   

•        Undertake an appropriate evaluation of Silicon Storage’s worth as an acquisition

22   

candidate.

23   

•        Act independently so that the interests of Silicon Storage’s public stockholders will

24   

be protected, including, but not limited to, the retention of truly independent advisors

25   

and/or the appointment of a truly independent Special Committee.

26   

•        Adequately ensure that no conflicts of interest exist between defendants’ own

27   

interests and their fiduciary obligation to maximize stockholder value or, if such

28   

conflicts exist, to ensure that all conflicts be resolved in the best interests of Silicon

  

Storage’s public stockholders.

  

•        Disclose all material information to shareholders.

 

- 9 -

SHAREHOLDER’S CLASS ACTION COMPLAINT


1    CAUSE OF ACTION
2    Claim for Breach of Fiduciary Duties
3   

44. Plaintiff repeats and realleges each allegation set forth herein.

4   

45. The defendants have violated fiduciary duties of care, loyalty, candor and

5    independence owed to the public shareholders of Silicon Storage and have acted to put their
6    personal interests ahead of the interests of Silicon Storage’s shareholders.
7   

46. By the acts, transactions and courses of conduct alleged herein, defendants,

8    individually and acting as a part of a common plan, are attempting to unfairly deprive Plaintiff and
9    other members of the Class of the true value of their investment in Silicon Storage without a fair
10    process.
11   

47. The Individual Defendants have violated their fiduciary duties by entering into a

12    transaction with Silicon Storage without regard to the fairness of the transaction to Silicon Storage’s
13    shareholders. Defendant Silicon Storage directly breached and/or aided and abetted the other
14    defendants’ fiduciary duties to Plaintiff and the other holders of Silicon Storage stock.
15   

48. As demonstrated by the allegations above, the Individual Defendants failed to

16    exercise the care required, and breached their duties of loyalty, good faith, candor and independence
17    owed to the shareholders of Silicon Storage because, among other reasons:
18   

(a) they failed to take steps to maximize, the value of Silicon Storage to its public

19   

shareholders and they took steps to avoid competitive bidding, to cap the price of Silicon Storage’s

20   

stock and to give the Individual Defendants an unfair advantage, by, among other things, failing to

21   

solicit other potential acquirers or alternative transactions;

22   

(b) they failed to properly value Silicon Storage; and

23   

(c) they ignored or did not protect against the numerous conflicts of interest

24   

resulting from the directors’ own interrelationships or connection with the Proposed Acquisition.

25   

49. Because the Individual Defendants dominate and control the business and corporate

26    affairs of Silicon Storage, and are in possession of private corporate information concerning Silicon
27    Storage’s assets, business and future prospects, there exists an imbalance and disparity of
28   

 

- 10 -

SHAREHOLDER’S CLASS ACTION COMPLAINT


1    knowledge and economic power between them and the public shareholders of Silicon Storage which
2    makes it inherently unfair for them to pursue any proposed transaction wherein they will reap
3    disproportionate benefits to the exclusion of maximizing stockholder value.
4   

50. By reason of the foregoing acts, practices and course of conduct, the defendants have

5    failed to exercise ordinary care and diligence in the exercise of their fiduciary obligations toward
6    Plaintiff and the other members of the Class.
7   

51. As a result of the actions of defendants, Plaintiff and the Class have been and will be

8    irreparably damaged in that they have not and will not receive their fair portion of the value of
9    Silicon Storage’s assets and businesses and have been and will be prevented from obtaining a fair
10    process or price for their common stock.
11   

52. Unless enjoined by this Court, the defendants will continue to breach their fiduciary

12    duties owed to Plaintiff and the Class, and may consummate the Proposed Acquisition which will
13    exclude the Class from its fair share of Silicon Storage’s valuable assets and businesses, and/or
14    benefit them in the unfair manner complained of herein, all to the irreparable harm of the Class, as
15    aforesaid.
16   

53. Defendants are engaging in self dealing, are not acting in good faith toward Plaintiff

17    and the other members of the Class, and have breached and are breaching their fiduciary duties to
18    the members of the Class.
19   

54. Plaintiff and the members of the Class have no adequate remedy at law. Only

20    through the exercise of this Court’s equitable powers can Plaintiff and the Class be fully protected
21    from the immediate and irreparable injury which defendants’ actions threaten to inflict.
22    PRAYER FOR RELIEF
23   

WHEREFORE, Plaintiff demands injunctive relief, in its favor and in favor of the Class and

24    against defendants as follows:
25   

A. Declaring that this action is properly maintainable as a class action;

26   

B. Declaring and decreeing that the Proposed Acquisition agreement was entered into in

27    breach of the fiduciary duties of the defendants and is therefore unlawful and unenforceable;
28   

 

- 11 -

SHAREHOLDER’S CLASS ACTION COMPLAINT


1   

C. Enjoining defendants, their agents, counsel, employees and all persons acting in

2    concert with them from consummating the Proposed Acquisition, unless and until the Company
3    adopts and implements a procedure or process to obtain the highest possible price for shareholders;
4   

D. Directing the Individual Defendants to exercise their fiduciary duties to obtain a

5    transaction which is in the best interests of Silicon Storage’s shareholders until the process for the
6    sale or auction of the Company is completed and the highest possible price is obtained;
7   

E. Directing defendants to immediately disclose all material information to shareholders

8    prior to seeking shareholder approval of any acquisition;
9   

F. Rescinding, to the extent already implemented, the Proposed Acquisition or any of

10    the terms thereof;
11   

G. Imposing a constructive trust, in favor of plaintiff, upon any benefits improperly

12    received by defendants as a result of their wrongful conduct;
13   

H. Awarding plaintiff the costs and disbursements of this action, including reasonable

14    attorneys’ and experts’ fees; and
15   

I. Granting such other and further relief as this Court may deem just and proper.

16    DEMAND FOR JURY TRIAL
17   

Plaintiff hereby demands a jury on all issues which can be heard by a jury.

18    Dated: November 19, 2009    GLANCY BINKOW & GOLDBERG LLP
19        
20       By:    /s/ Michael Goldberg
        Lionel Z. Glancy
21         Michael Goldberg
        1801 Avenue of the Stars, Suite 311
22         Los Angeles, CA 90067
        Telephone: (310) 201-9150
23         Facsimile: (310) 201-9160
24         Attorneys for the Plaintiff
25    THE WEISER LAW FIRM, P.C.     
   Patricia C. Weiser, Esquire     
26    Debra S. Goodman, Esquire     
   Henry J. Young, Esquire     
27    121 N. Wayne Avenue, Suite 100     
   Wayne, PA 19087     
28    Tel: (610) 225-2677     
       

 

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SHAREHOLDER’S CLASS ACTION COMPLAINT