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The Law Offices of Vincent Wong Announce an Investigation into Possible Breaches of Fiduciary Duty by the Board of Global Cross

^{Published on 2011-04-21 10:15:43 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--The Law Offices of Vincent Wong are investigating the Board of Directors of Global Crossing Ltd. (Nasdaq: GLBC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Level 3 Communications, Inc. (Nasdaq: LVLT). Under the terms of the proposed deal, Global Crossing shareholders will receive 16 shares of Level 3 common stock per share of Global Crossing stock. Based on the prior closing prices, the deal implies a value of approximately $23.04 per Global Crossing share and a transaction value of approximately $3.0 billion, including the assumption of debt.

The investigation concerns whether the Global Crossing Board of Directors breached their fiduciary duties to Global Crossing stockholders by failing to adequately shop the Company before entering into this transaction and whether Level 3 Communications is underpaying for Global Crossing shares.

If you own common stock in Global Crossing and wish to obtain additional information, please contact Vincent Wong, Esq. either via email [ vw@wongesq.com ], by telephone at 212.584.2740, or visit [ http://www.wongesq.com/global-crossing.html ].

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.