NEW YORK, Aug. 2, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of ShoreTel, Inc.
(NASDAQ: SHOR) ("SHOR" or the "Company") in connection with
the proposed acquisition of the Company by Mitel Networks
Corporation (NASDAQ: MITL) ("MITL"). On July 27, 2017, the Company announced a definitive
agreement for MITL to acquire all outstanding shares of SHOR in a
transaction valued at approximately $530
million. Under the terms of the agreement, the
Company's shareholders will receive $7.50 in cash for each SHOR share they own.
WeissLaw is investigating whether SHOR's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $11.00 per share, or $3.50 above the offer price. Additionally,
SHOR shares traded at $7.60, or
$0.10 above the offer price as
recently as January of this year.
Moreover, the Company announced positive results in its most
recent financial report. On April 26,
2017, SHOR announced total revenues of $87.7 million in the third quarter of fiscal year
2017, representing an improvement of $2.5
million year-over-year when compared to the $85.2 million reported in the same period of the
previous year.
Given these facts, WeissLaw is investigating whether SHOR's
Board acted in the best interests of its public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own SHOR shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website, http://www.weisslawllp.com/shoretel-inc/
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SOURCE WeissLaw LLP