WILMINGTON, Del., April 13, 2020 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of Delaware on behalf of holders of Cincinnati Bell Inc. (“Cincinnati Bell” or the “Company”) (NYSE: CBB) common stock in connection with the proposed acquisition of Cincinnati Bell by Red Fiber Parent LLC (“Red Fiber”) and RF Merger Sub Inc. (“Merger Sub”), announced on March 13, 2020 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against Cincinnati Bell, its Board of Directors (the “Board”), Red Fiber, and Merger Sub, is captioned Palkon v. Cincinnati Bell Inc., Case No. 1:20-cv-00411 (D. Del.).
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., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at email@example.com, or at https://www.rigrodskylong.com/cases-cincinnati-bell-inc,join.
On March 13, 2020, Cincinnati Bell entered into an agreement and plan of merger (the “Merger Agreement”) with Red Fiber and Merger Sub. Pursuant to the terms of the Merger Agreement, shareholders of Cincinnati Bell will receive $15.50 in cash for each share of Cincinnati Bell common stock they own (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a proxy statement (the “Proxy Statement”) filed with the United States Securities and Exchange Commission. The Complaint alleges that the Proxy Statement omits material information with respect to, among other things, the Company’s financial projections and the analyses performed by Cincinnati Bell’s financial advisors. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Cincinnati Bell common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than June 12, 2020. 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 Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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