Case Details for "FiberNet Telecom Group, Inc"

Investigation of proposed acquisition of FiberNet Telecom Group, Inc.

Lawyers are investigating potential shareholder claims arising from the proposed acquisition of FiberNet Telecom Group, Inc. ("FiberNet" or the "Company") (Nasdaq:FTGX) by Zayo Group, LLC ("Zayo Group"). Under the terms of the merger agreement, FiberNet shareholders will receive $11.45 per share, subject to potential adjustment under the merger agreement.

The investigation is focused on the potential unfairness of the merger price and of the process by which the FiberNet Board of Directors approved the agreement. Specifically, the investigation is examining whether or not the Board fulfilled its fiduciary duties in failing to accept and recommend approval of a superior offer from another bidder, RCN Corp., which has indicated its willingness to pay as much as $12.50 per share for FiberNet.

Posted on:06/22/2009
Company: FiberNet Telecom Group, Inc
Affected Class: Current shareholders of FiberNet Telecom Group, Inc
Scope: Nationwide

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