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Global Crossing Ltd. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Level 3 Communications, Inc.

^{Published on 2011-04-11 09:50:15 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of Global Crossing Limited (aGlobal Crossinga or aGLBCa) (NASDAQ: GLBC) related to the proposed buyout of Global Crossing by Level 3 Communications, Inc. (aLevel 3a). The definitive acquisition agreement involves a total transaction valued at approximately $3 billion, including assumption of debt. Under the stock-for-stock transaction, Global Crossing shareholders will receive a fixed ratio of 16 shares of Level 3 common stock for each share of Global Crossing/GLBC common or preferred stock they hold.

The investigation relates to the fairness of the proposed transaction to Global Crossing shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Global Crossing for approving this transaction, and whether Global Crossinga™s Board of Directors acted in the shareholdersa™ best interests. This stock-for-stock transaction represents a value of only $23.04 per share to Global Crossing shareholders. Based on Global Crossinga™s historical share prices, and other factors, the firms believe that the acquisition price may not be fair for the shareholders. In addition, the firms are investigating whether Global Crossinga™s Board of Directors obtained the best value for shareholders, adequately considered all viable alternatives, and properly shopped the company before entering into the acquisition agreement.

If you currently own shares of Global Crossing/GLBC and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.