Last week Echelon announced it was being acquired by Adesto Technologies in a deal worth $45M. The stock price promptly doubled from $4.15 to $8.25. The following day, one law firm urged existing stockholders to contact them. A second law firm announced an investigation.
Echelon lost $4.6M in 2017. Adesto reported a $5.6M loss.
In January, Echelon was trading in the $6.00 range.