Block amp;; Leviton LLP Investigates AboveNet, Inc.'s Board of Directors for Possible Breaches of Fiduciary Duty

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  Published in Science and Technology on Monday, March 19th 2012 at 8:30 GMT by Market Wire
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Block & Leviton LLP Investigates AboveNet, Inc.'s Board of Directors for Possible Breaches... -- BOSTON, March 19, 2012 /PRNewswire/ --

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BOSTON, March 19, 2012 /PRNewswire/ -- Block & Leviton LLP ([ www.blockesq.com ]), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duties by the Board of Directors of AboveNet, Inc. ("AboveNet" or the "Company") (NYSE: [ ABVT ]) concerning the proposed acquisition of the Company by privately held competitor Zayo Group LLC ("Zayo") for $84.00 per share.  The deal is valued at approximately $2.2 billion.

Block & Leviton's investigation seeks to determine, among other things, whether AboveNet's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed transaction.  Zayo's offer price represents a 13 percent premium over the Company's closing stock price on March 16, 2012 and a 21 percent premium over the average closing stock price for the past 60 days.  At least one industry analyst recently set a target price of $86.00 per share for the Company's stock.

If you have any information relevant to this investigation, or have questions about your legal rights, please contact Scott Mays of Block & Leviton LLP at (617) 398-5640 or email him at [ scott@blockesq.com ].

Block & Leviton is a Boston-based law firm representing investors for violations of securities laws.  The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.

This notice may constitute attorney advertising.

Contact:
BLOCK & LEVITON LLP
Scott Mays, Esq.
(617) 398-5640
[ scott@blockesq.com ]

Jason M. Leviton, Esq. 
(617) 398-5620  
[ jason@blockesq.com ]

SOURCE Block & Leviton LLP

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