Newman Ferrara LLP is investigating potential claims against the board of directors of Acme Packet, Inc. (“Acme”) (Nasdaq: APKT) concerning the proposed acquisition of Acme by Oracle Corporation (“Oracle”) (Nasdaq: ORCL).
On February 4, 2013, Acme announced that it had entered into an agreement and plan of merger to be acquired by Oracle in a cash deal valued at approximately $1.7 billion. Under the terms of the agreement, Acme’s shareholders will receive $29.25 in cash per share of Acme stock owned. However, Acme stock traded at above the $29.25 per share offer price as recently as May 3, 2012 when it reached $30.21 per share. The $29.25 per share offer price is also well below Acme’s 52-week trading high of $36.27 per share.
Acme’s Board of Directors has unanimously approved the proposed deal which is expected to close during the first half of this year.
Newman Ferrara LLP’s investigation concerns whether Acme’s Board of Directors has breached its fiduciary duties to act in the best interests of Acme’s shareholders and to take all necessary steps to ensure that Acme’s shareholders receive the maximum value readily available for their shares of Acme common stock.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or firstname.lastname@example.org to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.