A lawsuit was filed for investors in shares of Acme Packet, Inc. (NASDAQ:APKT) in effort to stop the proposed takeover and current NASDAQ:APKT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/18/2013 -- An investor in shares of Acme Packet, Inc. (NASDAQ:APKT) filed a lawsuit against directors of Acme Packet, Inc in effort to block the proposed buyout of Acme Packet, Inc by Oracle for $29.25 per NASDAQ:APKT share.
Investors who purchased shares of Acme Packet, Inc. (NASDAQ:APKT) prior to February 4, 2013, and currently hold any of those NASDAQ:APKT shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed NASDAQ:APKT stockholders by agreeing to sell the company too cheaply via an unfair process.
On February 4, 2013, Acme Packet, Inc. (NASDAQ:APKT) announced that it has entered into an agreement to be acquired by Oracle (NASDAQ: ORCL) for $29.25 per share in cash representing a fully diluted equity value of $2.1 billion. Net of cash this represents an enterprise value of $1.7 billion.
However, the plaintiff claims that the $29.95-offer undervalues the company and is too low. Indeed, at least one analyst has set the high target price for NASDAQ:APKT shares at $30.00 per share and that NASDAQ:APKT shares traded as recently as February 2012 as high as $35.99 per share, thus above the current offer.
Furthermore, Acme Packet‘s financial performance improved over the past years. For instance, Acme Packet, Inc. reported that its annual Revenue rose from $116.36 million in 2008 to $307.32 million in 2011 and its respective Net Income increased from $11.57 million to $44.36 million. Shares of Acme Packet, Inc. (NASDAQ:APKT) grew from $4.37 per share in February 2009 to as high as $82.61 per share in April 2011.
Those who are current investors in Acme Packet, Inc. (NASDAQ:APKT), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego