NEW YORK, June 20, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Network Equipment Technologies Inc. ("Network Equipment" or the "Company") (Nasdaq: NWK) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Sonus Networks, Inc. (Nasdaq: SONS).
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Under the terms of the transaction, Network Equipment shareholders will receive $1.35 per share of Network Equipment stock they own. The transaction has an approximate total value of $41.3 million. The investigation concerns whether the Network Equipment Board of Directors breached their fiduciary duties to Network Equipment stockholders by failing to adequately shop the Company before entering into this transaction and whether Sonus Networks, Inc. is underpaying for Network Equipment shares, thus unlawfully harming Network Equipment stockholders. In particular, at least one analyst set a price target of $3.00 per share for the most recent quarter.
If you own common stock in Network Equipment and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://zlk.9nl.com/network-equipment-nwk/.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP