NEW YORK, June 1, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of FiberNet Telecom Group, Inc. ("FiberNet" or the "Company") (Nasdaq:FTGX) arising out of their attempt to sell the Company to Zayo Group, LLC. Under the terms of the 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 FiberNet stock traded as high as $11.68 as recently as April 7, 2009 and at least one analyst has placed a $12 price target on FiberNet stock. 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
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.