N@N

STEVENSON, Md.--([ BUSINESS WIRE ])--The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of AboveNet, Inc. (NYSE: ABVT) (aAboveNeta) and other violations of state law by the board of directors of AboveNet relating to the proposed buyout of the company by privately owned Zayo Group, LLC (aZayoa). The firmas investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.

On March 19, 2012, Zayo and AboveNet announced that they had entered into an agreement providing for Zayo to acquire AboveNet for approximately $2.2 billion. Under the terms of the buyout transaction, AboveNet shareholders will receive $ 84.00for each share of AboveNet common stock held. However, according to Yahoo! Finance, at least one analyst has set a high price target of $86.00 per share.

According to a New York Times Articles, as part of the deal, Zayo will receive an infusion of new capital from GTCR, a Chicago-based buyout firm, and an existing investor, Charlesbank Capital Partners. The five-year-old Zayo reported a $3.6 million loss on revenue of $319.4 million for the year ended December 31, 2011. In contrast, nineteen-year-old AboveNet reported $72.7 million in net income on revenue of $472.5 million last year.

If you currently own shares of AboveNet and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [ hoffman@browerpiven.com ], by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.