MONSEY, N.Y., June 28, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Infinera Corporation (Nasdaq: INFN) (“Infinera”) to Nokia for $6.65 per share. The sales price is below the price targets for Infinera of at least three Wall Street analysts (source: TipRanks).
If you remain an Infinera shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/infinera/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On June 27, 2024, Nokia announced that it had reached an agreement to acquire Infinera for $6.65 per share.
For each Infinera share, Infinera shareholders will be able to elect to receive either: 1) $6.65 per share in cash, 2) 1.7896 Nokia shares for each Infinera share, or 3) a combination of $4.66 per share in cash and 0.5355 Nokia shares for each Infinera share. All Nokia shares will be issued in the form of American Depositary Shares. The definitive agreement includes a proration mechanism so that the Nokia shares issued in the transaction do not exceed an amount equal to approximately 30% of the aggregate consideration that may be paid to Infinera shareholders.
“We are investigating whether the Infinera Board of Directors acted in the best interests of Infinera shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Infinera shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, according to TipRanks, the sales price of $6.65 per share is below the pre-announcement price targets for Infinera of at least three Wall Street analysts:
- Ryan Koontz of Needham ($10.00 per share)
- Dave Kang of B. Riley Financial ($7.50 per share)
- Ruben Roy of Stifel Nicolaus ($7.00 per share)
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
