Posted: Fri Nov 12, 2010 4:39 am Post subject: The Law Firm of Levi & Korsinsky, LLP Launches
Levi & Korsinsky is investigating the Board of Directors of Arbinet Corporation for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Primus Telecommunications Group.
New York, NY, November 12, 2010 -- Levi & Korsinsky is investigating the Board of Directors of Arbinet Corporation (“Arbinet” or the “Company”) (NasdaqGM: ARBX) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Primus Telecommunications Group, Inc. (“Primus”) (OTCBB: PMUG). Under the terms of the transaction, Arbinet common shareholders will receive shares of Primus common stock in exchange for the Arbinet common stock they own for a total transaction value of approximately $28 million. Based on the companies' current capitalization, Arbinet shareholders will be expected to own approximately 23% of the combined company, and Primus shareholders will be expected to own approximately 77% of the combined company upon the closing of the transaction.
The investigation concerns whether the Arbinet Board of Directors breached their fiduciary duties to Arbinet stockholders by failing to adequately shop the Company before entering into this transaction and whether Primus is underpaying for Arbinet shares, thus unlawfully harming Arbinet stockholders.
If you own common stock in Arbinet 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/arbinet-arbx.html.
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.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com
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