NEW YORK, June 9, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC,
notifies investors of class action against Ruckus Wireless, Inc.
("Ruckus") (NYSE: RKUS). The class action has been filed in the
United States District Court, Northern District of California, on behalf of a class consisting of
all persons or entities who purchased Ruckus common stock on
April 28, 2016, in connection with
the proposed acquisition of Ruckus by Brocade Communications
Systems, Inc. ("Brocade").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange
Act").
Ruckus Wireless, Inc. is a global supplier of advanced wireless
systems for the mobile internet infrastructure market. The company
is headquartered in Sunnyvale,
California.
On April 4, 2016, Ruckus and
Brocade publicized its definitive merger agreement (the "Merger
Agreement") in which Ruckus would be acquired by Brocade for
$6.45 per share and 0.75 shares of
Brocade common stock per Ruckus share (the "Proposed Acquisition")
via the exchange offer (the "Exchange Offer"). On
April 29, 2016, Stallion initiated
The Exchange Offer, pursuant to the Merger Agreement, and will
expire on May 27,
2016. Following the completion of the Exchange Offer, Stallion
will be merged with and into the Company (the "Merger"), and Ruckus
will be a wholly owned subsidiary of Brocade.
The complaint alleges that Brocade has assured different and
increased consideration to the Individual Defendants in violation
of §14(d)(7) of the 1934 Act and Rule 14d-10. Additionally,
the complaint alleges that the Solicitation/Recommendation
Statement on Schedule 14D-9 filed by the Defendants with the SEC on
April 29, 2016 ("14D-9") contains
material omissions and/or misstatements in contravention of §14(e)
of the 1934 Act. The 14D-9 that endorses Ruckus shareholders
to tender their shares to Brocade, includes material omissions
and/or misstatements concerning the potential and/or actual
conflicts of interest present in the process leading to the
Proposed Acquisition, Ruckus' true value, and the equality analyses
performed by Ruckus' financial advisor. The exclusion of this
material information prevented Ruckus shareholders from making a
fully informed decision in regards to Exchange Offer and whether to
tender their shares.
A class action lawsuit has already been filed. If you wish to
review a copy of the Complaint and join the action please visit the
firm's site: http://www.bgandg.com/#!rkus/ars18 or contact
Peretz Bronstein, Esq. or his
Investor Relations Analyst, Yael
Hurwitz of Bronstein, Gewirtz & Grossman, LLC at
212-697-6484 or via email info@bgandg.com. Those who inquire by
e-mail are encouraged to include their mailing address and
telephone number. If you suffered a loss in Ruckus you can request
that the Court appoint you as lead plaintiff. Your ability to share
in any recovery doesn't require that you serve as a lead
plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC