Lundy Law Commences An Investigation Into The Proposed Acquisition Of Cyan, Inc.
Lundy Law is investigating potential claims against the Board of Directors of Cyan, Inc. (“Cyan” or the “Company”) (NYSE: CYNI) for possible breaches of fiduciary duty and other violations of law in connection with the proposed sale of the Company to Ciena Corporation (“Ciena”) in a transaction valued at approximately $400 million. Under the terms of the proposed transaction, Cyan shareholders will receive consideration equal to the value 0.224 shares of Ciena common stock. This represents approximately $4.75 per share of Cyan common stock, based on Ciena’s 20-day volume weighted average price as of May 1, 2015.
Among other things, the investigation concerns whether the proposed transaction undervalues the Company and whether the Board of Directors of Cyan is achieving the best possible value for the Company’s shareholders. Cyan stock traded as high as over $14.00 per share in May 2013, and more recently traded as high as $5.34 per share in January 2014.
If you own shares of Cyan common stock and wish to discuss the legal ramifications of the investigation, or have any questions, contact Lundy Law who will, without obligation or cost to you, answer your questions. For more information you may contact David Promisloff, co-counsel to Lundy Law directly at 1-800-LundyLaw, or visit https://www.lundylaw.com/press-releases/CYNI.
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