Contact Information: 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
Levi & Korsinsky, LLP Announces Class Action Lawsuit Against FiberNet Telecom Group, Inc. -- FTGX
| Source: Levi & Korsinsky, LLP
NEW YORK, NY--(Marketwire - June 25, 2009) - 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.