NASHVILLE, Tenn., July 25, 2013 /PRNewswire/ -- Barrett Johnston, LLC has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Sourcefire, Inc. (FIRE) ("Sourcefire" or "the Company"), in connection with their efforts to sell the Company to Cisco Systems, Inc. (CSCO) ("Cisco"). Under the terms of the agreement, Cisco will pay $76 per share in cash in exchange for each share of Sourcefire and assume outstanding equity awards for an aggregate purchase price of approximately $2.7 billion, including retention-based incentives. The acquisition has been approved by the board of directors of each company.
Barrett Johnston, LLC's investigation focuses on whether the board of Sourcefire is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the Company's recent positive financial results. On April 30, 2013 Sourcefire announced its financial results for the first quarter of 2013 in which it reported revenue of $56.2 million, an increase of 21% year-over-year. John Becker, CEO of Sourcefire commented that "Our threat-centric approach to cybersecurity that allows defenders to address the full attack continuum is in high demand, and we believe we are extremely well positioned to capitalize on the growth opportunity in front of us. Despite weakness in federal government spending, our total revenue increased 21% driven by ongoing strong performance from our International and U.S. Commercial businesses." However, if the merger is approved, Sourcefire shareholders will no longer be able to participate in the future growth of the Company.
If you own shares of Sourcefire or if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, of Barrett Johnston, LLC, 217 Second Avenue, North, Nashville, TN 37201 by telephone at (615) 244-2202, Toll Free at (866) 263-0668, or by email to email@example.com, or visit our website at http://www.barrettjohnston.com.
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Timothy L. Miles, Esq.
Barrett Johnston, LLC
217 Second Avenue North
Nashville, TN 37201
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