Press release from PR Newswire
The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of BigBand Networks in Connection with Sale of the Company to ARRIS Group, Inc.
Tuesday, October 11, 2011
The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of BigBand Networks in Connection with Sale of the Company to ARRIS Group, Inc.11:34 EDT Tuesday, October 11, 2011NEW YORK, Oct. 11, 2011 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of BigBand Networks ("BigBand" or the "Company") (NASDAQ: BBND) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to ARRIS Group, Inc. (NASDAQ: ARRS). Under the terms of the transaction, BigBand shareholders will receive $2.24 per share of BigBand stock they own. The transaction values the deal at approximately $172 million, or $53 million net of estimated BigBand cash on hand. Shareholders holding 32% of the outstanding shares of BigBand have agreed to tender their shares in the offer.Click here to learn more about the investigation: http://www.zlk.com/bigband-networks-bbnd, or call: 877-363-5972.The investigation concerns whether the BigBand Board of Directors breached their fiduciary duties to BigBand stockholders by failing to adequately shop the Company before entering into this transaction and whether ARRIS Group, Inc. is underpaying for BigBand shares, thus unlawfully harming BigBand stockholders. In particular, shares of BigBand traded as high as $2.62 per share as recently as April 29, 2011. Further, the median price target set by analysts for BigBand stock is $2.60 per share with at least one analyst setting a price target of $2.75 per share.If you own common stock in BigBand and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com. 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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.CONTACT:Levi & Korsinsky, LLPJoseph Levi, Esq.Eduard Korsinsky, Esq.30 Broad Street - 15th Floor New York, NY 10004Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171www.zlk.comSOURCE Levi & Korsinsky, LLP