Robbins Umeda LLP Announces an Investigation of OPNET Technologies, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of OPNET Technologies, Inc. (NASDAQ: OPNT) in connection with their efforts to sell the company to Riverbed Technology (NASDAQ: RVBD). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On October 29, 2012, OPNET and Riverbed announced that they had entered into a definitive merger agreement under which OPNET will be acquired by Riverbed. According to the terms of the deal, Riverbed will acquire OPNET through a cash-and-stock transaction with a total value of approximately $989 million based on Riverbed’s closing stock price on October 26, 2012. OPNET shareholders will receive a fixed 0.2774 shares of Riverbed common stock plus $36.55 in cash in exchange for each share of OPNET ordinary stock. Based on Riverbed’s closing stock price on October 16, 2012, the implied value of an OPNET share is $42.82. The transaction is expected to close by the end of 2012.
Robbins Umeda LLP’s investigation focuses on whether the board of directors at OPNET is undertaking a fair process to obtain maximum value and adequately compensate its shareholders, or seeking to benefit themselves. Notably, following the completion of the merger, OPNET’s Chief Executive Officer, Marc A. Cohen, and Chief Technology Officer, Alain J. Cohen, will remain with the combined company. In addition, on August 7, 2012, OPNET reported its financial results for the first quarter of Fiscal 2013. OPNET’s total revenue increased 9.4% to $44 million from $40.2 million for the same quarter of fiscal 2012. Further, for six of the past eight quarters OPNET has beat analyst earnings per share estimates and analyst revenue estimates for five of the last eight quarters.
Robbins Umeda LLP attorneys highlight that OPNET shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.