The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Network Equipment Technologies, Inc. (NASDAQ: NWK) (“NWK”) and other violations of state law by the board of directors of NWK relating to the proposed acquisition of the company by Sonus Networks, Inc. (“Sonus”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On June 19, 2012, NWK and Sonus announced that they had entered into a definitive agreement providing for Sonus to acquire NWK for $42 million. Under the terms of the merger agreement, NWK shareholders will receive $1.35 for each share of NWK common stock held. However, according to Yahoo! Finance, analysts have set a mean price target of $3.00 per share, and NWK shares have traded above the deal price as recently as February 1, 2012.
If you currently own shares of NWK and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
email@example.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.