Shareholders Foundation Announces Lawsuit Against Airvana, Inc. Board of Directors

2009年 12月 24日 星期四 01:21 BJT

* Reuters is not responsible for the content in this press release.

SAN DIEGO, Dec. 23, 2009 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc.
announces that a lawsuit has been filed in Delaware Chancery Court on behalf of
current investors in Airvana, Inc. (Nasdaq:AIRV), who purchased their AIRV
shares before December 18, 2009, over alleged breach of fiduciary duty by the
board of directors of Airvana, Inc.

On Friday, Airvana, Inc. announced that it has entered into a definitive
agreement with 72 Mobile Holdings, LLC, owned by affiliates of S.A.C. Private
Capital Group, LLC, GSO Capital Partners LP, Sankaty Advisors LLC and
ZelnickMedia, in a transaction valued at approximately $530 million. Under the
terms of the agreement, at closing, each share of Airvana common stock will be
exchanged for $7.65 cash. According to Airvana, the boards of directors of both
companies approved the agreement and the offer represents a 23 percent premium
to AIRV stockholders.

According to the complaint, the plaintiff alleges that the board of directors of
Airvana failed to ensure that the shareholders will receive maximum value for
their shares and that the board of directors failed to conduct an appropriate
sale process.

Shares of Airvana, Inc. (AIRV) traded at $7.57 per share after the announcement
and at $6.20 per share the day before the announcement.

But the plaintiff alleges that the proposed transaction is one-sided because it
contains a "no solicitation" provision, a $15 million termination fee provision,
will only benefit the insiders, but not the Airvana shareholders, and the true
value of Airvana's stock is much greater than the consideration offered in the
proposed transaction. The plaintiff claims the offer should be higher because
the company introduced recently new updated products, like the HubBub Connected
Home Femtocell (a new model of the HubBub CDMA Femtocell), and the financial
results are promising, including outstanding invoices of about $36.4 million and
a recent payment of $39.6 million payment from Nortel.

Those who currently are investors in shares of Airvana, Inc. and purchased their
shares before Dec. 18, 2009, should contact the Shareholders Foundation, Inc. by
e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554. 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.

The Shareholders Foundation, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6931

-0-
CONTACT:  Shareholders Foundation, Inc.
          Trevor Allen
          +1 (858) 779-1554
          3111 Camino Del Rio North
          Suite 423
          San Diego, CA 92108

香港商场发生围堵内地旅客事件

2月15日,香港一家商场内发生针对内地旅客的示威活动。示威者与警方发生对抗,警方使用胡椒喷雾。

中国制造业呈反弹迹象 但风险犹存

本周公布的汇丰PMI数据显示中国制造业呈改善迹象,但新出口订单分项疲弱,表明在外部需求不振的情况下,中国制造业仍面临风险。

图片

《阳歌专栏》红包大战微信大胜阿里巴巴

过年期间腾讯红包推广的巨大成功反映微信的主导地位进一步加强,其他移动服务可能被边缘化,除非监管机构介入,打造更加公平的竞争环境。  全文 

图片

《RUSSELL专栏》铁矿石无法走回头路 恢复年度合同定价模式不可行

根据铁矿石巨擘力拓前高管Mal Randall的看法,铁矿石应该重新回到年度合同定价的作法。他错了。  全文 

图片

《热点透视》希腊实行资本管制虽棘手 但相比退出欧元区仍为上策

就希腊而言,实行资本管制是一个棘手的选项。对希腊的债权人来说,相较立即退出欧元区而言,资本管制肯定是一个更可取的选项。  全文 

图片

《KEMP专栏》低油价虽是长期利好 但难免油气行业投资短期退潮之苦

原油和天然气生产是美国经济的基石。油气价格大幅下跌,将在短期内先给企业投资带来负面影响,之后消费者支出受到的正面提振才会发挥作用。  全文