WILMINGTON, Del., March 12, 2010 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of RCN Corporation ("RCN" or the "Company") (Nasdaq:RCNI) concerning possible breaches of fiduciary duty and other violations of law related to the Company's entry into an agreement to be acquired by ABRY Partners, LLC ("ABRY") in a transaction valued at approximately $1.2 billion.
Under the proposed agreement, RCN shareholders will receive $15.00 per share for each share of RCN common stock they own. The transaction appears to be unfair, in part, given that the Company's stock has traded above ABRY's offering price since the announcement of the transaction and has traded as high as $15.38 as recently as March 11, 2010.
If you own the common stock of RCN and purchased your shares before March 5, 2010, 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 Brian D. Long, Esquire of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, 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.
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