NEW YORK, Feb. 22, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Lumos Networks Corp. (NYSE: LMOS) ("LMOS" or the "Company") in connection with the proposed acquisition of the Company by investment firm EQT Infrastructure ("EQT") for approximately $425 million. Under the terms of the agreement, the Company's shareholders will receive $18.00 in cash for each LMOS share they own.
WeissLaw is investigating whether LMOS's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $21.00, or $3.00 above the per share consideration. Additionally, in the November press release accompanying the LMOS's third quarter financial results, Company CEO Timothy G. Blitz highlighted the financial gains made by LMOS in the period, stating that "[LMOS] demonstrated strong operational performance in the quarter with 10% data revenue growth and total Adjusted EBITDA of nearly 9%. [Also, LMOS] Enterprise data revenue growth accelerated from 14% in the second quarter to over 17% in the third quarter, which [can be viewed as] a clear industry leading result."
Given these facts, WeissLaw is investigating whether LMOS's Board acted in the best interests of LMOS's public shareholders to maximize shareholder value prior to entering into the agreement. If you own LMOS shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/lumos-networks-corp/
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SOURCE WeissLaw LLP