MILWAUKEE, May 4, 2015 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Cyan for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Cyan to Ciena.
Click here to learn how to join the action: http://www.ademilaw.com/case/cyan-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Cyan’s long-term financial outlook is positive and yet shareholders will receive the equivalent of only $4.75 per share. Ciena is well aware of Cyan’s’ improving financial metrics and is purchasing Cyan at a substantial discount. The merger agreement unreasonably limits prospective bids by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Cyan receive and accept a superior bid. Cyan’s insiders and their affiliates will receive millions of dollars in the transaction on terms not available to non-insider shareholders. These insiders can unduly influence a sale of Cyan not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Cyan’s Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Cyan given its current financial condition and prospects.
If you own shares of Cyan and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/cyan-inc.
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