Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Switch & Data Facilities Co., Inc. - SDXC
Business Wire
Oct 22, 2009
Levi & Korsinsky is investigating the Board of Directors of Switch &
Data Facilities Co., Inc. (“Switch & Data” or the “Company”) (NasdaqGS:
SDXC) for possible breaches of fiduciary duty and other violations of
state law in connection with their attempt to sell the Company to
Equinix, Inc. ("Equinix") (NasdaqGS: EQIX). Under the terms of the
agreement, Switch & Data stockholders can elect to receive either
0.19409 shares of Equinix stock or $19.06 in cash for each share of
Switch & Data stock they own with the overall consideration to be paid
by Equinix being set at 80% in stock and 20% in cash. If holders of more
than 80% of Switch & Data’s stock elect to receive Equinix stock or
holders of more than 20% of Switch & Data’s stock elect to receive cash,
the merger consideration will be pro-rated accordingly.
Switch & Data’s directors, executive officers and certain shareholders
have agreed to vote shares representing 35% of Switch & Data’s
outstanding stock in favor of the transaction. The investigation
concerns whether the Switch & Data Board of Directors breached their
fiduciary duties to Switch & Data shareholders by agreeing to sell the
Company on these terms.
If you own common stock in Switch & Data and wish to obtain additional
information, please contact us at the number listed below or visit http://www.zlk.com/sdxc1.html.
Levi & Korsinsky has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial fraud
and represents investors throughout the nation, concentrating its
practice in securities and shareholder litigation.
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