Pomerantz Appointed Lead Counsel in Resonant Securities Litigation

On August 5, 2022, U.S. District Judge Fernando L. Aenlle-Rocha, of the Central District of California, appointed Pomerantz LLP as Lead Counsel on behalf of Ken Callen, the Lead Plaintiff, and the class, in Boudre v. Resonant, Inc., 22-cv-3403 (C.D. Cal.). This securities action alleges that Resonant, Inc. ("Resonant" or the "Company") misled the market regarding its financial projections, valuation, and reasonability of the tender offer from PJ Cosmos Acquisition Company, Inc. (“PJ Cosmos”) – a wholly-owned subsidiary of Murata Electronics North America, Inc. (“Murata”) – for a merger (“the “Merger”).

Resonant designs and develops radio frequency (“RF”) filters, design software and other solutions that reduce or eliminate unwanted RF signals and noise in communication devices, including mobile phones.

In February 2022, Resonant entered into an agreement for a Merger with PJ Cosmos and Murata whereby PJ Cosmos was to acquire all outstanding shares of the Company’s common stock for $4.50 per share (“Offer Price”). In March 2022, the Merger was completed as Resonant’s shareholders were cashed out of their shares at the Offer Price.

The complaint against Resonant alleges that: (i) the Company offered false opinions concerning its projected sales from 2022-2026 in its Recommendation Statement to its Board of Directors (the “Board”) regarding the proposed Merger; (ii) as a result, the Merger-related cash flow analysis prepared by Centerview Partners LLC – Resonant’s financial advisor – were based on faulty sales projections: (iii) based on the foregoing, the valuation of the Company and its financial projections presented to the Board to use in considering the fairness of the Offer Price for the Merger were misleading and false; and (iv) as a result of the foregoing, Resonant shareholders were cashed out of their shares at an inadequate Offer Price when the Merger was completed.