SAN DIEGO, June 3, 2016 /PRNewswire/ -- Robbins Geller
Rudman & Dowd LLP ("Robbins Geller")
(http://www.rgrdlaw.com/cases/ruckus/) today announced that a class
action has been commenced on behalf of holders of Ruckus Wireless,
Inc. ("Ruckus") (NASDAQ:RKUS) common stock on April 28, 2016, in connection with the proposed
acquisition of Ruckus by Brocade Communications Systems, Inc.
("Brocade"). This action was filed in the Northern District
of California and is captioned
Hussey v. Ruckus Wireless, Inc., et al., No.
16-cv-02991.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from May 31,
2016. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests,
please contact plaintiff's counsel, Darren Robbins of Robbins
Geller at 800/449-4900 or 619/231-1058, or via e-mail at
djr@rgrdlaw.com. If you are a member of this class, you can
view a copy of the complaint as filed or join this class action
online at http://www.rgrdlaw.com/cases/ruckus/. Any member of
the putative 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.
The complaint charges Ruckus, its Board of Directors and Chief
Financial Officer (together the "Individual Defendants") and
Brocade and one of its subsidiaries, Stallion Merger Sub Inc.
("Stallion"), with violations of the Securities Exchange Act of
1934 ("1934 Act"). Ruckus delivers wireless in challenging
indoor and outdoor environments for more than 65,300 enterprise,
service provider, government and small business customers
worldwide.
On April 4, 2016, Ruckus and
Brocade announced a definitive merger agreement (the "Merger
Agreement") under which Ruckus would be acquired by Brocade for
$6.45 per share in cash and 0.75
shares of Brocade common stock per Ruckus share (the "Proposed
Acquisition") via and exchange offer (the "Exchange Offer").
The Exchange Offer, pursuant to the Merger Agreement, was launched
by Stallion on April 29, 2016, and
will expire on May 27, 2016, unless
extended. Following the completion of the Exchange Offer,
Stallion will be merged with and into the Company (the "Merger"),
and Ruckus will be a wholly owned subsidiary of Brocade.
The complaint alleges that Brocade has promised different and
increased consideration to the Individual Defendants in violation
of §14(d)(7) of the 1934 Act and Rule 14d-10 promulgated
thereunder. In addition, the complaint alleges that the
Solicitation/Recommendation Statement on Schedule 14D-9 filed by
the defendants with the SEC on April 29,
2016 ("14D-9") contains material omissions and/or
misstatements in contravention of §14(e) of the 1934 Act. The
14D-9, which recommends that Ruckus shareholders tender their
shares to Brocade, includes material omissions and/or misstatements
concerning the potential and/or actual conflicts of interest
present in the process leading to the Proposed Acquisition, the
Company's inherent value, and the fairness analyses performed by
the Company's financial advisor. Without this material
information, Ruckus shareholders are prevented from making a fully
informed decision as to the adequacy of the Exchange Offer and
whether to tender their shares.
Plaintiff seeks injunctive and equitable relief and damages on
behalf of holders of Ruckus common stock on April 28, 2016. The plaintiff is
represented by Robbins Geller, which has extensive experience in
prosecuting investor class actions including actions involving
financial fraud.
Robbins Geller is widely recognized as one of the leading law
firms advising U.S. and international institutional investors in
securities litigation and portfolio monitoring. With 200
lawyers in 10 offices, Robbins Geller has obtained many of the
largest securities class action recoveries in history and was
ranked first in both the total amount and number of shareholder
class action recoveries in ISS's SCAS Top 50 Report for the last
two years. Robbins Geller attorneys have shaped the law in
the areas of securities litigation and shareholder rights and have
recovered tens of billions of dollars on behalf of the Firm's
clients. Robbins Geller not only secures recoveries for
defrauded investors, it also strives to implement corporate
governance reforms, helping to improve the financial markets for
investors worldwide. Please visit rgrdlaw.com/cases/ruckus/
for more information.
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SOURCE Robbins Geller Rudman & Dowd LLP