SAN DIEGO, Sept. 2, 2010 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit has been filed in State Court on behalf of current investors in Cogent, Inc. (Nasdaq:COGT), who purchased COGT shares before August 30, 2010, over alleged breaches of fiduciary duty by certain members of the Cogent board of directors.
Those who currently are investors in shares of Cogent, Inc. (Nasdaq:COGT) and purchased their shares before August 30, 2010, should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
On Monday, August 30, 2010, 3M and Cogent announced that 3M will acquire Cogent pursuant to an all cash offer. Under the terms of the agreement, Cogent stockholders will receive cash of $10.50 in exchange for each share of Cogent common stock. The proposed transaction has an aggregate value of approximately $943 million, or approximately $430 million net of cash acquired.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duty in connection with the attempt to sell Cogent to 3M at an unfair price through an unfair process.
Shares of Cogent, Inc. (Nasdaq:COGT) jumped in response to the takeover news above the offer to over $11 per share and traded as early as May 2010 at the current offer price of $10.50 per share, on April 26, 2010 above the offer at $10.61 per share, and in January even at $11.29 per share. During 2008 COGT shares reached almost $14 per share, during 2007 COGT shares traded at over $15 per share, and during 2004 and 2005 above $30 per share. At least one analyst set a price target at $16.00 per share.
Those who currently are investors in Cogent, Inc. (Nasdaq:COGT) and purchased their shares before the announcement, should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is an investor advocacy group which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The group offers help, support, and assistance for every shareholder, and investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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