SAN DIEGO, April 28, 2017 /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/lionbridge/) today announced that a class action has been commenced on behalf of an institutional investor on behalf of stockholders of Lionbridge Technologies, Inc. ("Lionbridge") (NASDAQ:LIOX) on January 27, 2017, in connection with an Agreement and Plan of Merger dated December 12, 2016, by and among Lionbridge, LBT Acquisition, Inc. and LBT Merger Sub, Inc. (the "Merger Agreement"), under which Lionbridge stockholders received $5.75 per share in cash and Lionbridge became a wholly owned subsidiary of H.I.G. Capital L.L.C. (the "Merger"). This action was filed in the United States District Court for the District of Delaware and is captioned Laborers' Local #231 Pension Fund v. Cowan, et al., No. 17-cv-00478.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. 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 [email protected]. 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 Lionbridge, its Board of Directors (the "Board"), and H.I.G. Capital L.L.C. and its affiliates LBT Acquisition, Inc. and LBT Merger Sub, Inc. (collectively "HIG") with violations of the Securities Exchange Act of 1934 ("1934 Act"). Lionbridge considers itself the world's leading globalization company, providing translation and localization, digital marketing, global content management, and application testing services to the world's top brands.
The complaint alleges that defendants misled Lionbridge stockholders as to crucial information about the Company's prospects and value in order encourage them to accept the Merger. On January 31, 2017, defendants caused the Company to file with the SEC a Definitive Proxy Statement (the "Proxy Statement"), in which the members of the Board recommended that stockholders vote their shares in favor of the Merger Agreement. The Proxy Statement disclosed management projections that contemplated revenue growth over the next several years of less than 3.9% per year. Those projections were inconsistent not only with the Company's average revenue growth of about 7% per year from 2011 to 2015, but also with the defendants' actual strategic plans for the Company. On February 28, 2017, a majority of Lionbridge stockholders voted in favor of the Merger Agreement. Later that day, Lionbridge and HIG completed the Merger. The preparation and dissemination of the false and misleading Proxy Statement, in violation of §§14(a) and 20(a) of the 1934 Act, thus induced stockholder action which resulted in substantial harm to plaintiff and other Lionbridge stockholders.
Plaintiff seeks damages and injunctive and equitable relief on behalf of holders of Lionbridge stock on January 27, 2017. 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 the leading law firm advising and representing U.S. and international 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. For the third consecutive year, the Firm ranked first in both the total amount recovered for investors and the number of securities class action recoveries in ISS's SCAS Top 50 Report. 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 implements significant corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit rgrdlaw.com/cases/lionbridge/ for more information.
SOURCE Robbins Geller Rudman & Dowd LLP