Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Fibernet Telecom Group, Inc - Ftgx

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. (“FiberNet” or the “Company”) (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.

PressReleaseDistribution By PressReleasePoint

About Levi & Korsinsky, LLP

Joseph Levi
Levi & Korsinsky, LLP
30 Broad Street
15th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171

Press Release Source: http://PressExposure.com/PR/Levi_|_Korsinsky,_LLP.html

Press Release Submitted On: June 26, 2009 at 5:38 am
This article has been viewed 29202 time(s).