SAN DIEGO, Feb. 21, 2017 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Lumos Networks Corp. (NASDAQ: LMOS) breached their fiduciary duties in connection with the proposed sale of the Company to EQT Infrastructure. Lumos provides fiber-based bandwidth infrastructure and service in the Mid-Atlantic region.
On February 20, 2017, Lumos announced it had signed a definitive merger agreement with EQT. Under the terms of the agreement, EQT will acquire all of the outstanding shares of Lumos common stock for $18 per share in cash.
The investigation concerns whether the Lumos board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Lumos shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration; moreover, one Wall Street analyst has a $21.00 price target.
If you are a shareholder of Lumos and believe the proposed buyout price is too low and you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP