WILMINGTON, Del., Feb. 27, 2017 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the Western District of North Carolina on behalf of holders of FairPoint Communications, Inc. (“FairPoint”) (NASDAQ:FRP) common stock in connection with the proposed acquisition of FairPoint by Consolidated Communications Holdings, Inc. and its wholly-owned subsidiary (collectively, “Consolidated Communications”) announced on December 5, 2016 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against FairPoint, its Board of Directors (the “Board”), and Consolidated Communications, is captioned Lentine v. FairPoint Communications, Inc., Case No. 3:17-cv 00051-FDW-DCK (D.N.C.).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242; by e-mail at info@rl-legal.com; or at: http://rigrodskylong.com/investigations/fairpoint-communications-inc-frp/.
On December 3, 2016, FairPoint entered into an agreement and plan of merger (the “Merger Agreement”) with Consolidated Communications. Pursuant to the Merger Agreement, FairPoint shareholders will receive 0.7300 shares of Consolidated Communications stock per share of FairPoint common stock (the “Proposed Transaction”).
The Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, on January 26, 2017, defendants issued materially incomplete disclosures in a Form S-4 Registration Statement (the “Registration Statement”) filed with the United States Securities and Exchange Commission. The Complaint asserts that the Registration Statement, which recommends that FairPoint stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to FairPoint’s financial projections, the opinions and analyses of FairPoint’s financial advisor, and the background of the Proposed Transaction. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of FairPoint common stock.
If you wish to serve as lead plaintiff, you must move the Court no later than April 28, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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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