Levi & Korsinsky, LLP Announces Class Action Lawsuit Against FiberNet Telecom Group, Inc. -- FTGX
June 25 2009 - 4:16PM
Marketwired
Levi & Korsinsky announces that a class action lawsuit has been
filed in Delaware Chancer Court challenging the proposed
acquisition of Fibernet Telecom Group, Inc. ("FiberNet" or the
"Company") (NASDAQ: FTGX). The Complaint arises out of the
announcement by FiberNet that it had entered into a definitive
merger agreement with Zayo Group, LLC.
Under the merger agreement, FiberNet shareholders will receive
$11.45 in cash for each share of FiberNet stock they own for a
total deal value of approximately $87 million. The price is unfair
given that (i) FiberNet stock traded as high as $11.68 as recently
as April 7, 2009; (ii) at least one analyst has placed a $12 price
target on FiberNet stock; and (iii) the Company announced that it
received a proposal to acquire the Company for $12.50 per
share.
If you own common stock in FiberNet and wish to obtain
additional information, please contact us at the number listed
below or visit http://www.zlk.com/ftgx1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
CONTACT: Levi & Korsinsky, LLP Eduard Korsinsky, Esq. Juan
E. Monteverde, Esq. 30 Broad Street - 15th Floor New York, NY 10006
Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com
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