WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of MetroPCS Communications, Inc. (“MetroPCS” or the “Company”) (NYSE: PCS) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement with Deutsche Telekom (“Deutsche Telekom”) to combine T-Mobile USA (“T-Mobile”) and MetroPCS in a transaction valued at approximately $1.5 billion.
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Under the terms of the proposal, MetroPCS will declare a 1 for 2 reverse stock split, make a cash payment of $1.5 billion to its shareholders (approximately $4.09 per share prior to the reverse split) and acquire all of T-Mobile’s capital stock by issuing to Deutsche Telekom 74% of MetroPCS’s common stock on a pro forma basis.
The investigation concerns whether MetroPCS’s board of directors failed to adequately shop the Company and obtain the best possible value for MetroPCS’s shareholders before entering into an agreement with Deutsche Telekom. According to Yahoo! Finance, at least one analyst has set a price target for MetroPCS stock at $18.00 per share.
If you own the common stock of MetroPCS and purchased your shares before October 3, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/metropcs-communications-inc.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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Source: Rigrodsky & Long, P.A.