New York, New York/May 27, 2015 -- A leading national securities and shareholder rights law firm announces that it is investigating the acquisition of Meru Networks, Inc. on behalf of shareholders. On May 27, 2015, Meru announced it had signed a definitive merger agreement with Fortinet. Under the terms of the agreement, Fortinet will pay $1.63 per Meru share in cash.
The investigation concerns whether Meru’s board failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock. Meru has over $11 million in cash. One Wall Street analyst has a target price greater than the proposed purchase price offered by Fortinet. Additionally, revenue estimates for 2016 are estimated to increase 12.7%. The 52 week high for Meru’s stock is $4.50.
If you are a shareholder of Meru and would like additional information regarding this matter including how your shares can be eligible for a higher price at no cost or expense please contact us at 800.511.7037