NEW YORK, Jan. 19, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Brocade Communications Systems, Inc. ("Brocade" or the "Company") (NASDAQ: BRCD) and certain of its officers, on behalf of shareholders of the common stock on December 12, 2016, in connection with the acquisition of Brocade by Broadcom Limited and its affiliates ("Broadcom"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/brcd.
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") in connection with the acquisition of Brocade by Broadcom (the "Proposed Acquisition").
On November 2, 2016, Brocade and Broadcom publicized that they had entered into a definitive merger agreement (the "Merger Agreement") under which Broadcom will acquire Brocade. After Brocade shareholders voted to approve the Proposed Acquisition, Brocade stockholders will receive just $12.75 in cash for each share of Brocade common stock held, under the terms of the Merger Agreement.
The complaint alleges that in an effort to assure shareholder vote for the Proposed Acquisition, on December 6, 2016, defendants issued its Preliminary Proxy Statement on Schedule 14A, which was materially false and misleading. On December 20, 2016, defendants issued a materially false and misleading Definitive Proxy Statement on Schedule 14A (collectively, the "Proxy"). The Proxy, which advocates that Brocade shareholders vote for the Proposed Acquisition, omits and/or misrepresents material information about the biased consideration offered in the Proposed Acquisition and the Company's actual inherent value on a standalone basis and as a merger partner for Broadcom, including information regarding critical data and inputs underlying the financial analyses supporting the fairness opinion of Brocade's financial advisor.
The complaint also alleges the omitted or misstated information is material to Brocade shareholders' ability to evaluate whether they consider the Company is worth more on a standalone basis than the consideration offered by Broadcom, and therefore shareholders cannot make the determination whether to vote for or against the Proposed Acquisition.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/brcd or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Brocade you have until March 3, 2017 to 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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