Premiere Global Services, Inc. Securities Litigation
On or around 12/07/2015 (Other)
Filing Date: November 10, 2015
Premiere Global Services, Inc. ("PGI") is a multinational corporation and global provider of conferencing and collaboration solutions. Its products include audio conferencing, web conferencing, webcasting, video conferencing, and virtual meeting solutions such as iMeet and GlobalMeet. On September 10, 2015, PGI and Siris issued a joint press release (the “Press Release”) announcing that they had entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) whereby Siris would purchase all outstanding PGI shares for $14.00 per share in cash, for an aggregate purchase price of approximately $1 billion including debt.
The Complaint alleges that the Merger Consideration that Siris has offered to PGI’s public stockholders is grossly unfair and inadequate because the intrinsic value of PGI’s common stock is materially in excess of the amount offered, giving due consideration to, among other things, the Company’s growth and anticipated operating results, net income, and profitability. The Complaint further alleges that the process by which Defendants propose to consummate the Proposed Transaction is fundamentally unfair to Plaintiff and the other common stockholders of PGI. Finally, the Complaint alleges that Defendants have asked PGI’s stockholders to support the Proposed Transaction based upon the materially incomplete and misleading representations and information contained in the Proxy.
This case was voluntarily dismissed on December 4, 2015.
Company & Securities Information
Defendant: Premiere Global Services, Inc.
Industry: Business Services
Headquarters: United States
Ticker Symbol: PGI
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
John Noble, et al. v. Premiere Global Services, Inc., et al.