Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) today announced that a class action was commenced, on June 8, 2012, in the United States District Court for the Northern District of Georgia on behalf of all persons who held EasyLink Services International Corporation (“EasyLink”) (NASDAQ: ESIC) common stock on May 22, 2012.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs’ counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges EasyLink, EasyLink’s Board of Directors, Open Text Corporation (“Open Text”), and Epic Acquisition Sub Inc. with violations of the Securities Exchange Act of 1934 (the “1934 Act”). EasyLink is a global provider of a suite of communication applications that enable enterprises of all sizes to communicate securely and profitably with their customers, trading partners and other third parties.
On May 1, 2012, EasyLink and Open Text announced they had entered into a definitive merger agreement whereby each share of EasyLink common stock would be purchased for $7.25 in cash by Open Text. There is currently a July 2, 2012 vote scheduled for the shareholders of EasyLink regarding approval of the proposed takeover of EasyLink by Open Text.
Plaintiffs allege that on June 6, 2012, the defendants caused EasyLink to file a definitive proxy statement (the “Proxy”) with the SEC containing material omissions and/or misstatements in contravention of §§14(a) and 20(a) of the 1934 Act and SEC Rule 14a-9, including, among other things, material omissions and/or misstatements regarding the sales process leading up to the proposed takeover of EasyLink by Open Text, EasyLink’s value in terms of certain financial projections in the custody of EasyLink’s management, and certain financial assumptions made by the financial advisor to the Board of Directors of EasyLink, William Blair & Company, L.L.C., in the summary of the advisor’s fairness opinion. Plaintiffs allege that unless the Proxy is corrected to cure the material omissions and/or misstatements, EasyLink shareholders will not be able to determine whether to vote in favor of the proposed takeover of EasyLink by Open Text or seek appraisal of their shares.
Plaintiffs seek injunctive and equitable relief on behalf of all persons who held EasyLink common stock as of May 22, 2012 (the “Class”), including but not limited to preventing the July 2, 2012 EasyLink shareholder vote and consummation of the proposed takeover of EasyLink by Open Text unless and until the material omissions and/or misstatements in the Proxy are corrected. Plaintiffs are represented by Robbins Geller, which has extensive experience in prosecuting investor class actions and actions involving financial fraud.