A lawsuit was filed by an investor in shares of Cyan Inc (NYSE:CYNI) in effort to stop the proposed takeover and NYSE:CYNI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (ReleaseWire) -- 06/03/2015 -- An investor, who currently holds shares of Cyan Inc (NYSE:CYNI), filed a lawsuit in effort to stop the proposed takeover of Cyan Inc by Ciena for a value of approximately $4.75 per share.
Investors who purchased shares of Cyan Inc (NYSE:CYNI) and currently hold any of those NYSE:CYNI shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:CYNI stockholders by agreeing to sell Cyan Inc too cheaply via an unfair process to Ciena.
On May 4, 2015, Cyan Inc (NYSE:CYNI) announced it has entered into an agreement to be acquired by Ciena (NYSE:CIEN) for an aggregate purchase price of approximately $400 million (or approximately $335 million net of cash). Under the terms of the proposed transaction Ciena will acquire all outstanding shares of Cyan Inc (NYSE:CYNI for a combination of cash and stock valued at approximately $4.75 per NYSE:CYNI share.
However, the plaintiff claims that the proposed consideration NYSE:CYNI shareholders will receive is grossly inadequate and undervalues Cyan Inc. Indeed, shares of Cyan Inc (NYSE:CYNI) reached in 2013 as high as $13.80 per share. In addition, the plaintiff claims that the process is also unfair to NYSE:CYNI stockholders
On June 1, 2015, NYSE:CYNI shares closed at $5.23 per share.
Those who are current investors in Cyan Inc (NYSE:CYNI) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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