SAN DIEGO, June 3, 2016 /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/ruckus/) today announced that a class action has been commenced on behalf of holders of Ruckus Wireless, Inc. ("Ruckus") (NASDAQ: RKUS) common stock on April 28, 2016, in connection with the proposed acquisition of Ruckus by Brocade Communications Systems, Inc. ("Brocade"). This action was filed in the Northern District of California and is captioned Hussey v. Ruckus Wireless, Inc., et al., No. 16-cv-02991.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from May 31, 2016. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/ruckus/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Ruckus, its Board of Directors and Chief Financial Officer (together the "Individual Defendants") and Brocade and one of its subsidiaries, Stallion Merger Sub Inc. ("Stallion"), with violations of the Securities Exchange Act of 1934 ("1934 Act"). Ruckus delivers wireless in challenging indoor and outdoor environments for more than 65,300 enterprise, service provider, government and small business customers worldwide.
On April 4, 2016, Ruckus and Brocade announced a definitive merger agreement (the "Merger Agreement") under which Ruckus would be acquired by Brocade for $6.45 per share in cash and 0.75 shares of Brocade common stock per Ruckus share (the "Proposed Acquisition") via and exchange offer (the "Exchange Offer"). The Exchange Offer, pursuant to the Merger Agreement, was launched by Stallion on April 29, 2016, and will expire on May 27, 2016, unless extended. Following the completion of the Exchange Offer, Stallion will be merged with and into the Company (the "Merger"), and Ruckus will be a wholly owned subsidiary of Brocade.
The complaint alleges that Brocade has promised different and increased consideration to the Individual Defendants in violation of §14(d)(7) of the 1934 Act and Rule 14d-10 promulgated thereunder. In addition, the complaint alleges that the Solicitation/Recommendation Statement on Schedule 14D-9 filed by the defendants with the SEC on April 29, 2016 ("14D-9") contains material omissions and/or misstatements in contravention of §14(e) of the 1934 Act. The 14D-9, which recommends that Ruckus shareholders tender their shares to Brocade, includes material omissions and/or misstatements concerning the potential and/or actual conflicts of interest present in the process leading to the Proposed Acquisition, the Company's inherent value, and the fairness analyses performed by the Company's financial advisor. Without this material information, Ruckus shareholders are prevented from making a fully informed decision as to the adequacy of the Exchange Offer and whether to tender their shares.
Plaintiff seeks injunctive and equitable relief and damages on behalf of holders of Ruckus common stock on April 28, 2016. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller is widely recognized as one of the leading law firms advising U.S. and international institutional investors in securities litigation and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history and was ranked first in both the total amount and number of shareholder class action recoveries in ISS's SCAS Top 50 Report for the last two years. Robbins Geller attorneys have shaped the law in the areas of securities litigation and shareholder rights and have recovered tens of billions of dollars on behalf of the Firm's clients. Robbins Geller not only secures recoveries for defrauded investors, it also strives to implement corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit rgrdlaw.com/cases/ruckus/ for more information.
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SOURCE Robbins Geller Rudman & Dowd LLP