FTGX Fibernet Telecom Grp. (MM)

Levi & Korsinsky announces that a class action lawsuit has been filed in Delaware Chancer Court challenging the proposed acquisition of Fibernet Telecom Group, Inc. ("FiberNet" or the "Company") (NASDAQ: FTGX). The Complaint arises out of the announcement by FiberNet that it had entered into a definitive merger agreement with Zayo Group, LLC.

Under the merger agreement, FiberNet shareholders will receive $11.45 in cash for each share of FiberNet stock they own for a total deal value of approximately $87 million. The price is unfair given that (i) FiberNet stock traded as high as $11.68 as recently as April 7, 2009; (ii) at least one analyst has placed a $12 price target on FiberNet stock; and (iii) the Company announced that it received a proposal to acquire the Company for $12.50 per share.

If you own common stock in FiberNet and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/ftgx1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

CONTACT: Levi & Korsinsky, LLP Eduard Korsinsky, Esq. Juan E. Monteverde, Esq. 30 Broad Street - 15th Floor New York, NY 10006 Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com