SAN DIEGO, April 8, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Alliance Fiber Optic Products, Inc. (NASDAQ: AFOP) breached their fiduciary duties in connection with the proposed sale of the Company to Corning Incorporated (NYSE: GLW).
Alliance Fiber, designs, manufactures and markets various fiber optic components and integrated modules for communications equipment manufacturers and service providers.
On April 7, 2016, Alliance Fiber announced it had signed a definitive merger agreement with Corning. Under the terms of the agreement, Alliance Fiber stockholders will receive $18.50 a share in cash.
The investigation concerns whether the Alliance Fiber board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Alliance Fiber shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given one Wall Street analyst has a $20.00 price target on the stock. Additionally, the Company has no long-term debt and over $23 million in cash. Alliance Fiber's 52 week high was $22.35.
If you are a shareholder of Alliance Fiber and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP