Rigrodsky & Long, P.A. Announces Investigation of BigBand Networks, Inc.

Date : 10/11/2011 @ 1:05PM
Source : Business Wire
Stock : Bigband Networks (MM) (BBND)
Quote : 2.26  0.0 (0.00%) @ 2:05AM
Bigband Networks (MM) share price Chart

Rigrodsky & Long, P.A. Announces Investigation of BigBand Networks, Inc.

Bigband Networks (MM) (NASDAQ:BBND)
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Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of BigBand Networks, Inc. (“BigBand” or the “Company”) (Nasdaq: BBND) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by ARRIS Group, Inc. (“ARRIS”) in a transaction with an approximate diluted equity value of approximately $172 million, or $53 million net of estimated BigBand cash on hand.

Click here to learn more and how to join the action: http://investigations.rigrodskylong.com/bigbandnetworksinc-bbnd/.

Under the proposed agreement, ARRIS will commence a tender offer for all of the outstanding shares of BigBand common stock within 10 business days. BigBand shareholders will receive $2.24 per share in cash for all outstanding shares of BigBand common stock tendered in the offer.

The investigation concerns whether BigBand’s board of directors adequately shopped the Company to obtain the best price possible for BigBand’s shareholders before entering into the agreement with ARRIS. Indeed, Redpoint Ventures and ValueAct Capital Partners, holders of 32% of the outstanding shares of BigBand, have agreed to tender their shares in the offer and to vote their shares in favor of the merger agreement and against any other transaction. Moreover, according to Yahoo! Finance, at least one analyst has set a $2.75 per share stock price for BigBand stock.

Indeed, as recent as July 25, 2011, BigBand announced its second quarter 2011 financial results wherein Company President and CEO, Amir Bassan-Eskanzi commented on BigBand’s progress in its growth initiatives. He stated: “In the quarter, we made good progress in our growth initiatives, including a major win for our new MSP platform with AT&T. This win validates the MSP’s highly-differentiated advertising capabilities and position in IP Video and opens new opportunities with telco and cable customers[.]”

If you own the common stock of BigBand and purchased your shares before October 11, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

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