AboveNet, Inc. : Law Office of Brodsky & Smith, LLC Announces Investigation of AboveNet, Inc.
03/20/2012| 12:15pm US/Eastern
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BALA CYNWYD, Pa., March 20, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of AboveNet, Inc. ("AboveNet" or the "Company") (NYSE: ABVT) relating to the proposed acquisition Zayo Group, LLC ("Zayo").
Under the terms of the transaction, AboveNet shareholders would receive only $84.00 in cash for each share of AboveNet stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of AboveNet for not acting in the Company's shareholders' best interests in connection with the sale process to Zayo. The transaction may undervalue AboveNet as an analyst has set a price target on AboveNet stock at $86.00 per share. In addition, AboveNet reported $72.7 million in net income on revenue of $472.5 million last year.
If you own shares of AboveNet stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com visiting http://brodsky-smith.com/398-abvt-abovenet-inc.html, or by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC
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