Levi and Korsinsky is investigating the Board of Directors of Cogent Inc. ("Cogent"or the "Company") (NasdaqGS: COGT) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to 3M Co. ("3M") (NYSE: MMM).
New York, NY, USA, August 31, 2010 (PRESSbooth.ORG) -- Under the terms of the transaction, Cogent shareholders will receive $10.50 in cash for each Cogent share of common stock they own for a total transaction value of approximately $943 million, or approximately $430 million net of cash acquired.
The investigation concerns whether the Cogent Board of Directors breached their fiduciary duties to Cogent stockholders by failing to adequately shop the Company before entering into this transaction and whether 3M is underpaying for Cogent shares, thus unlawfully harming Cogent stockholders. In particular, Cogent stock traded at $10.73 per share as recently as March 12, 2010 and the mean price target set by analysts for Cogent stock is $13.42 per share with at least one analyst setting a $16.00 per share price target.
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.
Contact:
Jared Morine
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
jmorine @ zlk.com
http://www.zlk.com
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