The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of ...
11 Novembro 2010 - 7:51PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Arbinet Corporation (“Arbinet” or the “Company”) (NasdaqGM: ARBX)
for possible breaches of fiduciary duty and other violations of
state law in connection with their attempt to sell the Company to
Primus Telecommunications Group, Inc. (“Primus”) (OTCBB: PMUG).
Under the terms of the transaction, Arbinet common shareholders
will receive shares of Primus common stock in exchange for the
Arbinet common stock they own for a total transaction value of
approximately $28 million. Based on the companies' current
capitalization, Arbinet shareholders will be expected to own
approximately 23% of the combined company, and Primus shareholders
will be expected to own approximately 77% of the combined company
upon the closing of the transaction.
Click here to learn how to join the action:
http://www.zlk.com/arbinet-arbx.html, or call: 877-363-5972.
The investigation concerns whether the Arbinet Board of
Directors breached their fiduciary duties to Arbinet stockholders
by failing to adequately shop the Company before entering into this
transaction and whether Primus is underpaying for Arbinet shares,
thus unlawfully harming Arbinet stockholders. In particular, for
the most recent quarter, the Company had a book value of
approximately $6.06 per share which equates to a total book of
$33.21 million based on the total number of shares outstanding.
If you own common stock in Arbinet and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free:
(877) 363-5972, or visit http://www.zlk.com/arbinet-arbx.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. The attorneys at Levi & Korsinsky have been
appointed by numerous courts throughout the country to serve as
lead counsel on behalf of shareholders in major litigations
involving mergers and acquisitions. For more information, please
feel free to contact any of the attorneys listed below.
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