NEW YORK, June 9, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against Ruckus Wireless, Inc. ("Ruckus") (NYSE: RKUS). The class action has been filed in the United States District Court, Northern District of California, on behalf of a class consisting of all persons or entities who purchased Ruckus common stock on April 28, 2016, in connection with the proposed acquisition of Ruckus by Brocade Communications Systems, Inc. ("Brocade").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Ruckus Wireless, Inc. is a global supplier of advanced wireless systems for the mobile internet infrastructure market. The company is headquartered in Sunnyvale, California.
On April 4, 2016, Ruckus and Brocade publicized its definitive merger agreement (the "Merger Agreement") in which Ruckus would be acquired by Brocade for $6.45 per share and 0.75 shares of Brocade common stock per Ruckus share (the "Proposed Acquisition") via the exchange offer (the "Exchange Offer"). On April 29, 2016, Stallion initiated The Exchange Offer, pursuant to the Merger Agreement, and will expire on May 27, 2016. 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 assured different and increased consideration to the Individual Defendants in violation of §14(d)(7) of the 1934 Act and Rule 14d-10. Additionally, 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 that endorses Ruckus shareholders to 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, Ruckus' true value, and the equality analyses performed by Ruckus' financial advisor. The exclusion of this material information prevented Ruckus shareholders from making a fully informed decision in regards to Exchange Offer and whether to tender their shares.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action please visit the firm's site: http://www.bgandg.com/#!rkus/ars18 or contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Ruckus you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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SOURCE Bronstein, Gewirtz & Grossman, LLC