The Briscoe Law Firm And Powers Taylor, LLP Announce Investigation Of BigBand Networks, Inc.
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of BigBand Networks, Inc. (“BigBand” or BBND”) (NASDAQ: BBND) to ARRIS Group, Inc. for shareholders. Under the proposed buyout, BigBand shareholders will receive $2.24 in cash for each share of BigBand/BBND stock owned, which is well below the target price of $2.75 per share recently announced by analysts.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction valued at approximately $172 million, or $53 million net of BigBand cash on hand. Under the terms of the acquisition, a tender offer will be commenced within ten business days of October 11, 2011, when the merger was announced. The transaction is expected to be completed in late 2011.
“We are investigating the fairness of the proposed transaction to BigBand shareholders, whether the shareholders are being underpaid for their stock, and whether BigBand’s Board of Directors acted in the shareholders’ best interest,” said shareholder rights attorney Willie Briscoe. In particular, BigBand’s stock traded at $2.62 per share as recently as April 29, 2011, and at least one analyst has set a target price of $2.75 per share for BigBand stock. “Based on these and other factors, we believe that the transaction may significantly undervalue BigBand stock,” said Willie Briscoe.The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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