BOSTON, Feb. 5, 2013 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Acme Packet, Inc. ("Acme" or the "Company") (NASDAQ: APKT) concerning the proposed acquisition of the Company by Oracle Corporation ("Oracle") in an all-cash transaction.
Under the terms of the proposed transaction, Oracle will acquire Acme for approximately $29.25 per share, representing a total deal value of approximately $2.1 billion. The offer price is below at least one analyst's price target of $30 per share. Indeed, one of the most recent analyst updates regarding Acme securities was by the highly regarded brokerage firm Northland Securities, which upgraded the stock from market perform to outperform just two weeks prior to the transaction announcement. Similarly, the analysts of Stifel Nicolaus and Mizuho also have upgraded their recommendation of the stock in 2013. The Company's share price has increased approximately 32% between November 2012 and January 2013, and the stock was likely to continue its growth well beyond the offer price. Currently, shareholders will collect a paltry 18% premium on the previous day's closing price. The transaction appears purposely timed to take advantage of a temporary dip in the Company's stock price, as it traded above $30 per share as recently as May, 2012. As such, it appears that the proposed offer price provides an insufficient premium to shareholders.
Block & Leviton's investigation seeks to determine, among other things, whether Acme's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by Oracle and the overall fairness of the process by which the Acme Directors considered and approved the transaction.
If you are an Acme shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
(617) 398-5600
SOURCE Block & Leviton LLP
.is(':checked'))MM_swapImgRestore(); else MM_swapImage('Checkbox1','','http://im.mstar.com/Im/Mbr/Form_PremCheckbox_Checked.gif',1);void($('#emailMe').attr('checked', !$('#emailMe').is(':checked')))){kind=small}
News More...
| Start Premium Trial | Register For Free |
| P | F | Fund Financial Data (13,000+ funds) |
| P | F | Stock Financial Data (7,000+ stocks) |
| P | F | Stock and Fund Screeners (basic) |
| P | F | Investing Articles and Market Commentary |
| P | F | Articles Archive (>30 days) |
| P | F | Discuss (dozens of stock, fund, bond, and general bulletin boards) |
| P | F | Portfolio Manager (basic) |
| P | F | Morningstar Investment Classroom |
| P | F | Morningstar Investing Classroom Rewards (earn as you learn and redeem for Morningstar merchandise) |
| P | Morningstar Fund Analyst Reports (full research on 2,000 funds and ETFs) | |
| P | Morningstar Stock Analyst Reports (full research on 2,000 stocks) | |
| P | Morningstar Stock and Fund Stewardship Grades | |
| P | Portfolio Manager (advanced with 10 x-ray analyses, including guidance) | |
| P | Portfolio Monitor (monthly and on-demand personalized portfolio statements) | |
| P | Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more) | |
| P | Morningstar Stock and Fund Favorites & Red Flags eNewsletters | |
| P | Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you) | |
| P | Discounts on Morningstar newsletters, books, seminars, and more |