NEW YORK, Aug. 2, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of ShoreTel, Inc. (NASDAQ: SHOR) ("SHOR" or the "Company") in connection with the proposed acquisition of the Company by Mitel Networks Corporation (NASDAQ: MITL) ("MITL"). On July 27, 2017, the Company announced a definitive agreement for MITL to acquire all outstanding shares of SHOR in a transaction valued at approximately $530 million. Under the terms of the agreement, the Company's shareholders will receive $7.50 in cash for each SHOR share they own.
WeissLaw is investigating whether SHOR's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $11.00 per share, or $3.50 above the offer price. Additionally, SHOR shares traded at $7.60, or $0.10 above the offer price as recently as January of this year.
Moreover, the Company announced positive results in its most recent financial report. On April 26, 2017, SHOR announced total revenues of $87.7 million in the third quarter of fiscal year 2017, representing an improvement of $2.5 million year-over-year when compared to the $85.2 million reported in the same period of the previous year.
Given these facts, WeissLaw is investigating whether SHOR's Board acted in the best interests of its public shareholders to maximize shareholder value prior to entering into the agreement. If you own SHOR 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 email@example.com.
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 firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/shoretel-inc/
SOURCE WeissLaw LLP