February 07, 2011 16:07 ET

Milberg LLP Announces Its Investigation Into the Buyout of Terremark Worldwide, Inc. (NASDAQ - TMRK)

NEW YORK, NY--(Marketwire - February 7, 2011) - The law firm of Milberg LLP announces its investigation of the Board of Directors of Terremark Worldwide, Inc. ("Terremark") for potential breaches of fiduciary duties in connection with the sale of the company to Verizon Communications Inc. Cases have been filed in the Circuit Court of the Eleventh Judicial Circuit of Florida and the United States District Court for the Southern District of Florida challenging actions taken by the board of directors of Terremark under state law. These cases were not filed by Milberg LLP.

The complaints allege that the board of directors of Terremark breached their fiduciary duties to shareholders by agreeing to a $1.4 billion buyout of Terremark that severely undervalues the cloud computing specialist. The $19 per share offered by Verizon Communications Inc. is allegedly unfair to shareholders.

The actions further allege that Terremark's executives and board members negotiated a deal that will benefit themselves, and, in doing so, violated their fiduciary duties to shareholders. Under the deal, Terremark executives will continue in their management positions with the company. Public shareholders, however, will be cashed-out and will not have the opportunity to share in the upside of the business. 

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  • Andrei V. Rado, Esq.
    Milberg LLP
    One Pennsylvania Plaza, 49th Fl.
    New York, NY 10119-0165
    Phone number: (800) 320-5081

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