SAN DIEGO, April 4, 2016 /PRNewswire/ -- Shareholder
rights law firm Johnson & Weaver, LLP has launched an
investigation into whether the board members of Ruckus Wireless,
Inc. (NYSE: RKUS) breached their fiduciary duties in connection
with the proposed sale of the Company to Brocade Communications
Systems, Inc. (NASDAQ: BRCD).
Additional Information:
Ruckus provides Wi-Fi solutions to service providers and
enterprises worldwide.
On April 4, 2016, Ruckus announced
it had signed a definitive merger agreement with Brocade. Under the
terms of the agreement, Ruckus stockholders will receive
$6.45 in cash and 0.75 shares of
Brocade common stock for each share of Ruckus common stock. Based
on the closing price of Brocade's stock on April 1, 2016, the transaction values Ruckus at a
price of $14.43 per common share.
Ruckus shareholders will be subject to the future volatility and
price fluctuation of the common stock of Brocade.
The investigation concerns whether the Ruckus board failed to
satisfy their duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for Ruckus
shares of common stock. Nationally recognized Johnson &
Weaver is investigating whether the proposed deal price represents
adequate consideration, especially given one Wall Street analyst
has a $15.00 price target on the
stock.
If you are a shareholder of Ruckus and believe the proposed
buyout price is too low or you're interested in learning more about
the investigation or your legal rights and remedies, please contact
lead analyst Jim Baker
(jimb@johnsonandweaver.com) at 619-814-4471. If emailing, please
include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP