WILMINGTON, Del., Jan. 02, 2017 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Northern District of California on behalf of holders of Brocade Communications Systems, Inc. (“Brocade”) (NASDAQ: BRCD ) common stock in connection with the proposed acquisition of Brocade by Broadcom Limited and its affiliates (collectively, “Broadcom”) announced on November 2, 2016 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Brocade, its Board of Directors (the “Board”), and Broadcom, is captioned Steinberg v. Brocade Communications, Inc. , Case No. 16-cv-07081-EMC (N.D. Cal.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A. , 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail at info@rl-legal.com ; or at: http://rigrodskylong.com/investigations/broca...-inc-brcd/ .
On November 2, 2016, Brocade entered into an agreement and plan of merger (the “Merger Agreement”) with Broadcom. Pursuant to the Merger Agreement, Broadcom will acquire Brocade and Brocade shareholders will receive $12.75 per share in cash (the “Proposed Transaction”).
The Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, on December 6, 2016, defendants issued materially incomplete disclosures in a Preliminary Proxy Statement (the “Proxy Statement”) filed with the United States Securities and Exchange Commission. The Proxy Statement, which recommends that Brocade stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to Brocade’s financial information and the opinions and analyses of Brocade’s financial advisor.
Plaintiff seeks injunctive and equitable relief and damages on behalf of holders of Brocade common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than March 3, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation, and corporate governance litigation , on behalf of shareholders in states and federal courts throughout the United States.
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CONTACT: Rigrodsky & Long, P.A. Seth D. Rigrodsky Gina M. Serra (888) 969-4242 (302) 295-5310 Fax: (302) 654-7530 info@rl-legal.com http://www.rigrodskylong.com
