The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Networ...
June 20 2012 - 10:54AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Network Engines, Inc. (“NEI” or the “Company”) (Nasdaq: NEI) for
possible breaches of fiduciary duty and other violations of state
law in connection with the sale of the Company to UNICOM Systems,
Inc.
Click here to learn how to join the action:
http://zlk.9nl.com/network-engines-nei/, or call:
877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, NEI shareholders will
receive $1.45 per share of NEI stock they own. The transaction has
an approximate total value of $63.2 million. Shareholders
representing approximately 14.9% of the Company’s outstanding
shares have already agreed to tender their shares. The
investigation concerns whether the NEI Board of Directors breached
their fiduciary duties to NEI stockholders by failing to adequately
shop the Company before entering into this transaction and whether
UNICOM Systems, Inc. is underpaying for NEI shares, thus unlawfully
harming NEI stockholders. In particular, NEI stock traded as high
as $1.58 per share as recently as February 21, 2012. Also, at least
one analyst has set a price target of $2.00 per NEI share, or about
$.50 higher than the offer price.
If you own common stock in NEI and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free:
(877) 363-5972, or http://zlk.9nl.com/network-engines-nei/.
Levi & Korsinsky is a national firm with offices in New York
and Washington D.C. The firm has extensive expertise in prosecuting
securities litigation involving financial fraud, representing
investors throughout the nation in securities and shareholder
lawsuits. The attorneys at Levi & Korsinsky have been appointed
by numerous courts throughout the country to serve as lead counsel
on behalf of shareholders in major securities lawsuits and have
successfully recovered multimillion-dollar damages awards on behalf
of investors. For more information, please feel free to contact any
of the attorneys listed below. Attorney advertising. Prior results
do not guarantee similar outcomes.
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