The Law Firm of Weiss & Lurie Investigates the Sale of Arbinet Corporation to Primus Telecommunications Group, Inc.
22 Noviembre 2010 - 2:13PM
Business Wire
Weiss & Lurie, a national class action and shareholder
rights law firm with offices in New York City and Los Angeles, is
investigating possible breaches of fiduciary duty and other
violations of law by members of the Board of Directors of Arbinet
Corporation (Nasdaq: ARBX) arising from the proposed sale of
Arbinet to Primus Telecommunications Group, Inc. (OTCBB: PMUG).
The value of the transaction is approximately $28 million. Under
the terms of the transaction, Arbinet shareholders will receive
Primus shares equal to a set exchange ratio. Based on the
capitalization of Arbinet and Primus on November 10, 2010, Arbinet
shareholders would receive approximately 0.5259 Primus shares for
each Arbinet share and be are expected to own approximately
23% of the combined company. The proposed transaction appears
to value Arbinet stock at approximately $5.03 per share despite the
fact that Arbinet’s stock traded substantially above that price
prior to the announcement of the sale.
Weiss & Lurie is investigating whether Arbinet’s Board acted
in the best interests of shareholders in approving the proposed
transaction and whether Arbinet’s Board properly sought to maximize
shareholder value.
If you own common stock in Arbinet and would like more
information about your rights as a shareholder or additional
information concerning our investigation, please contact Michael A.
Rogovin, Esq. either by email at infony@weisslurie.com or by
telephone at (888) 593-4771.
Weiss & Lurie 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
institutions and individuals and obtained important corporate
governance in these cases. If you have information or would like
legal advice concerning possible corporate wrongdoing (such as
insider trading, waste of corporate assets, accounting fraud, or
issuing materially misleading press releases or SEC filings),
consumer fraud (such as false advertising, defective products, or
other deceptive business practices), or anti-trust violations,
please email us at infony@weisslurie.com or fill out the form on
our website, http://www.weisslurie.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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