Shareholders Foundation Announces Cogent, Inc. Investor Lawsuit (COGT)
September 02, 2010 9:36 AM
The Shareholders Foundation, Inc. announces that a lawsuit has been filed in State Court on behalf of current investors in Cogent, Inc. (Nasdaq: COGT), who purchased COGT shares before August 30, 2010, over alleged breaches of fiduciary duty by certain members of the Cogent board of directors.
On Monday, August 30, 2010, 3M and Cogent announced that 3M will acquire Cogent pursuant to an all cash offer. Under the terms of the agreement, Cogent stockholders will receive cash of $10.50 in exchange for each share of Cogent common stock. The proposed transaction has an aggregate value of approximately $943 million, or approximately $430 million net of cash acquired.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duty in connection with the attempt to sell Cogent to 3M at an unfair price through an unfair process.
