Class Action Suit Announced Against Varian Semiconductor Equipment Associates

Robbins Umeda announces that the firm commenced a class action lawsuit on July 21, 2011, in the U.S. District Court for the District of Massachusetts on behalf of all persons who hold shares of common stock of Varian Semiconductor Equipment Associates VSEA against Varian Semiconductors and its board of directors for violations of sections 14a and 20a of the Securities and Exchange Act of 1934 in connection with the proposed acquisition of Varian Semiconductors by Applied Materials AMAT. The complaint arises out of a May 4, 2011 press release announcing that Varian Semiconductors had entered into a definitive merger agreement with Applied Materials, pursuant to which Varian Semiconductors shareholders would receive $63 for each share of Varian Semiconductors they own. The complaint alleges that certain of the defendants, in connection with Proposed Acquisition, breached or aided and abetted the other defendants' breaches of their fiduciary duties of loyalty and due care, as well as federal securities laws. The complaint further alleges that, in an attempt to secure shareholder approval of the Proposed Acquisition, the defendants filed a materially misleading Form S-4 Registration Statement with the U.S. Securities and Exchange Commission in violation of sections 14a and 20a of the Securities Exchange Act of 1934. The omitted and/or misrepresented information is believed to be material in assisting Varian Semiconductors shareholders in making an informed decision whether or not to vote in favor of the Proposed Acquisition. Plaintiff seeks injunctive relief on behalf of all Varian Semiconductors shareholders as of May 4, 2011. The plaintiff is represented by Robbins Umeda.