Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Network Equipment Technologies, Inc. (“Network Equipment” or the “Company”) (NASDAQ GM: NWK) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Sonus Networks, Inc. (“Sonus”) (NASDAQ GS: SONS) in a transaction valued at approximately $41.3 million.
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Under the terms of the proposal, public shareholders of Network Equipment will receive $1.35 per share in cash for each share of Network Equipment they own.
The investigation concerns whether Network Equipment’s board of directors failed to adequately shop the Company and obtain the best possible price for Network Equipment’s shareholders before entering into an agreement with Sonus. At least one analyst on Yahoo! Finance has issued a $3.00 per share target price for Network Equipment.If you own the common stock of Network Equipment and purchased your shares before June 19, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/network-equipment-technologies-inc-nwk. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.