NEW YORK, April 12, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Alliance Fiber Optic Products, Inc. ("AFOP" or the "Company") in connection with the proposed acquisition of the Company by Corning Incorporated ("Corning"). On April 7, 2016, the Company announced it had reached a definitive agreement for Corning to acquire all outstanding shares of AFOP in a transaction valued at approximately $305 million. Under the terms of the agreement, AFOP shareholders will receive $18.50 in cash for each AFOP share they own.
WeissLaw is investigating whether AFOP's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $20.00, or $1.50 above the offer price. Additionally, AFOP traded for $22.35, or approximately $4.00 above the offer price, as recently as July 2015.
Given these facts, WeissLaw is investigating whether AFOP's Board acted in the best interests of AFOP's public shareholders to maximize shareholder value prior to entering into the agreement with Corning. If you own AFOP shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP
