Shareholder Alert: Buyout of AboveNet Investigated by Tripp Levy PLLC
NEW YORK, March 19, 2012 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, notifies investors of AboveNet, Inc. (NYSE: ABVT) of potential claims of breaches of fiduciary duty and other violations of state law against the board of directors of ABVT in connection with the potential sale of the company to Zayo Group. It was announced that Zayo intends to acquire all of the outstanding common stock of ABVT for only $84 per share in cash. As part of the transaction, GTCR, a private equity firm, as well as Charlesbank Capital Partners will make equity investments in Zayo.
The investigation concerns whether the ABVT Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the company and whether Zayo is underpaying for ABVT's shares, thus unlawfully harming stockholders. Indeed, analysts have projected that the true going forward value of ABVT is worth at least $86 per share.
If you own ABVT common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Tripp Levy PLLC
125 East 82nd Street
New York, New York
Toll Free: 877-772-3975
Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Tripp Levy PLLC