INVESTOR ALERT: The Law Office of Jack Stuart Beige & Associates, P.C. Announces Investigation of Cbeyond, Inc. Buyout Proposal
SMITHTOWN, NY, April 22, 2014:
The Law Office of Jack Stuart Beige & Associates, P.C. announces that it is investigating the Board of Directors of Cbeyond, Inc. (“Cbeyond”) (NASDAQ CGS: CBEY) for possible breaches of fiduciary duties and other violations of law in connection with Cbeyond’s agreement to be acquired by Birch Communications, Inc. (“Birch”), in a transaction valued at approximately $323 million.
Under the terms of the agreement, public shareholders of Cbeyond will receive between $9.97 and $10.00 per share in cash for each share of Cbeyond they own. The exact amount will be determined based on stock transactions relating to previously granted stock awards to employees that occur after execution of the definitive agreement .
The investigation concerns whether Cbeyond’s Board of Directors breached its fiduciary duties to stockholders, whether the proposed consideration to be paid to Cbeyond’s stockholders would be fair and adequate, and whether Cbeyond is acting in its stockholders’ best interests.