A lawsuit was filed for investors in shares of Clearwire Corporation (NASDAQ:CLWR) in effort to halt the potential takeover and NASDAQ:CLWR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/20/2012 -- An investor in shares of Clearwire Corporation (NASDAQ:CLWR) filed a lawsuit against directors of Clearwire Corporation in effort to block the proposed takeover of Clearwire Corporation by Sprint Nextel.
Investors who purchased shares of the Clearwire Corporation (NASDAQ:CLWR) and currently hold any of those NASDAQ:CLWR 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 by agreeing to sell the company too cheaply via an unfair process.
On December 11, 2012, several news reports stated that Sprint Nextel is said to be looking into a takeover of Clearwire Corporation. It is estimated that in a potential takeover Sprint Nextel would offer approximately $3.00 per NASDAQ:CLWR share.
On December 17, 2012, Sprint (NYSE:S) announced that it has entered into a definitive agreement to acquire the approximately 50 percent stake in Clearwire (NASDAQ: CLWR) it does not currently own for $2.97 per share, equating to a total payment to Clearwire shareholders, other than Sprint, of $2.2 billion.
However, the plaintiff claims that the offer is unfair to NASDAQ:CLWR stockholders and undervalues the company.
Indeed, at least one analyst has set the high target price for NASDAQ:CLWR shares at $5.00 per share.
Furthermore, so the plaintiff the process is also unfair to NASDAQ:CLWR investors. In fact, Sprint Nextel Corporation already owns approximately 51% of Clearwire Corporation shares.
Those who are current investors in Clearwire Corporation (NASDAQ:CLWR) and purchased their Clearwire Corporation shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego