An investigation on behalf of investors of AboveNet, Inc. (NYSE:ABVT) in connection with the takeover was announced and NYSE:ABVT stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWire) -- 03/21/2012 --The announcement by AboveNet, Inc. that its board of directors agreed a takeover of AboveNet, Inc. by Zayo Group, LLC for $84 per NYSE:ABVT share prompted an investigation for investors in AboveNet, Inc. (NYSE:ABVT) shares concerning whether the offer to acquire AboveNet, Inc. and the buyout process are unfair to investors in AboveNet, Inc. (NYSE:ABVT) shares.

Investors who purchased shares of AboveNet, Inc. (NYSE:ABVT) prior to March 19, 2012 and currently hold those NYSE:ABVT shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.

The investigations by law firms concern whether certain officers and directors of AboveNet, Inc. breached their fiduciary duties owed to AboveNet, Inc. (NYSE:ABVT) investors in connection with the proposed acquisition.

On Monday, March 19, 2012, AboveNet, Inc. (NYSE: ABVT) and Zayo Group, LLC announced that their boards of directors have approved an agreement under which Zayo Group, LLC will acquire AboveNet for approximately $2.2 billion. Under the terms of the proposed transaction, each share of AboveNet common stock issued and outstanding immediately prior to the transaction will be entitled to receive $84.00 per share in cash. AboveNet, Inc said the offer represents a 13% premium over AboveNet’s closing price on March 16, 2012 and a 21% premium over the average closing stock price for the past 60 days.

However, AboveNet’s financial performance increased lately. In fact, AboveNet, Inc. (NYSE:ABVT) reported that its annual Revenue rose from $319million for 2008 to $472.50million in 2011 and its Net Income increased from $42.30million in ’08 to $72.70million in 2011. Additionally, following the takeover announcement shares of AboveNet, Inc. (NYSE:ABVT) jumped from $74.25 per share on Friday to as high as $84.34 per share during Monday, March 19, 2012, thus above the current offer. Furthermore at least one analyst has set the high target price for NYSE:ABVT shares at $86 per share.

Therefore the investigation for NYSE:ABVT investors concerns whether the AboveNet Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to AboveNet, Inc. (NYSE:ABVT) shareholders by failing to adequately shop the Company before entering into this transaction.

Those who are current investors in AboveNet, Inc. (NYSE:ABVT) and purchased their NYSE:ABVT shares prior to the announcement, have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com