A lawsuit was filed by an investor in shares of Cbeyond, Inc. (NASDAQ:CBEY) in effort to stop the proposed takeover and NASDAQ:CBEY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/20/2014 -- An investor, who currently holds shares of Cbeyond, Inc. (NASDAQ:CBEY) filed a lawsuit in effort to halt the takeover of Cbeyond, Inc. by Birch Communications, Inc.
Investors who purchased shares of Cbeyond, Inc. (NASDAQ:CBEY) and currently hold any of those NASDAQ:CBEY shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CBEY stockholders by agreeing to sell Cbeyond, Inc. too cheaply via an unfair process to Birch Communications, Inc.
On April 21, 2014, Birch Communications, Inc. and Cbeyond, Inc. jointly announced that they have entered into an agreement under which Birch will acquire Cbeyond in an all-cash transaction valued at approximately $323 million. Cbeyond stockholders will receive between $9.97 and $10.00 per share in cash. The exact amount will be determined based on stock transactions relating to previously granted stock awards to employees that occur after execution of the definitive agreement.
However, the plaintiff claims that the offer is too low and undervalues Cbeyond, Inc.
On May 16, 2014, NASDAQ:CBEY closed at $9.93 per share.
Those who are current investors in Cbeyond, Inc. (NASDAQ:CBEY) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego