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Clearwire Corporation (NASDAQ:CLWR) Investor Files Lawsuit Against Takeover Attempt By Sprint Nextel

  • If you purchased shares of the Clearwire Corporation (NASDAQ:CLWR) and currently hold any of those NASDAQ:CLWR shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Clearwire Corporation
Security
NASDAQ: CLWR

Case Name
Clearwire Deal Case 12/18/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

Dec. 19, 2012 (Shareholders Foundation) -- An investor in shares of Clearwire Corporation (NASDAQ:CLWR) filed a lawsuit against directors of Clearwire Corporation in effort to block the proposed takeover of Clearwire Corporation by Sprint Nextel.
The plaintiff alleges that the defendants breached their fiduciary duties by agreeing to sell the company too cheaply via an unfair process.
On December 11, 2012, several news reports stated that Sprint Nextel is said to be looking into a takeover of Clearwire Corporation. It is estimated that in a potential takeover Sprint Nextel would offer approximately $3.00 per NASDAQ:CLWR share.

On December 17, 2012, Sprint (NYSE:S) announced that it has entered into a definitive agreement to acquire the approximately 50 percent stake in Clearwire (NASDAQ: CLWR) it does not currently own for $2.97 per share, equating to a total payment to Clearwire shareholders, other than Sprint, of $2.2 billion.

However, the plaintiff claims that the offer is unfair to NASDAQ:CLWR stockholders and undervalues the company.
Indeed, at least one analyst has set the high target price for NASDAQ:CLWR shares at $5.00 per share.

Furthermore, so the plaintiff the process is also unfair to NASDAQ:CLWR investors. In fact, Sprint Nextel Corporation already owns approximately 51% of Clearwire Corporation shares.