NEW YORK, Feb. 25, 2003 (PRIMEZONE) -- The law Office of William Coudert Rand announced today that it has filed a lawsuit in the Delaware Chancery Court on behalf of shareholders of Lexent, Inc. (Nasdaq:LXNT) ("Lexent" or the "Company") challenging the proposed transaction by Lexent's management to take the Company private for $1.25 per share in cash.
The lawsuit names Hugh J. O'Kane, Jr., Kevin M. O'Kane, and the Company as defendants and alleges breach of fiduciary duty by the O'Kanes in connection with their recent proposal to take the Company private. The lawsuit also alleges that the proposed offer of $1.25 per share for the public's shares is inadequate and unfair from the perspective of Lexent's public shareholders.
If you are a shareholder of Lexent and wish to discuss this action or have any questions concerning your rights and interests with regard to this case, please contact:
William C. Rand, Esq. Law Office of William Coudert Rand 19 West 44th Street, Suite 1615 New York, New York 10036 Telephone: (212) 609-5058 Facsimile: (212) 944-1179 E-mail: wcrand@wcrand.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca