New York, NY (PressExposure) June 26, 2009 -- Levi & Korsinsky announces that a class action lawsuit has been filed in Delaware Chancery Court challenging the proposed acquisition of Fibernet Telecom Group, Inc. (âFiberNetâ or the âCompanyâ) (NasdaqCM: FTGX - News). 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.