An investigation on behalf of current investors in FiberNet Telecom Group, Inc. (Public, NASDAQ:FTGX), who purchased their FTGX shares before May 28, 2009, over possible breaches of fiduciary duty and other violations of state law by the Board of Directors of FiberNet Telecom Group, Inc.

The investigation by a law firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of FiberNet Telecom Group, Inc. (Nasdaq: FTGX) arising out of their attempt to sell Fibernet to Zayo Group, LLC.

FiberNet Telecom Group, Inc. (Nasdaq: FTGX) announced that it has entered into a definitive Agreement and Plan of Merger with Zayo Group, LLC, a regional provider of bandwidth and telecom services to carrier, enterprise and government customers and Zayo Merger Sub, Inc., a wholly-owned subsidiary of Zayo Group. Each share of FiberNet Telecom Group, Inc. common stock issued and outstanding immediately prior to the effective time of the merger will be entitled to receive $11.45 in cash for a total deal value of approximately $87 million.

According to the investigation the transaction appears to be unfair, among other things, given that FiberNet Telecom Group, Inc. (Nasdaq: FTGX) shares were trading at $11.54 a share as recently as September 23, 2008 and $11.43 on April 6, 2009 and that the merger agreement also only gives the FiberNet board until June 17, 2009 to solicit superior proposals from third parties, FiberNet has indicated that it does not intend to disclose developments with respect to the solicitation process unless and until its board has made a decision to accept a superior proposal.

FiberNet Telecom Group, Inc. (FiberNet) provides interconnection services enabling the exchange of voice, video and data traffic between multiple, global networks. The Company owns and operates colocation facilities and diverse transport routes in the gateway markets of New York/New Jersey, Los Angeles, Chicago and Miami. FiberNet Telecom Group, Inc. is located in New York and had $49.78million in total revenue in 2007 and $58.29million in total revenue in 2008. Shares of FiberNet (FTGX) traded recently as high as $11.54 per share, thus higher than the proposed takeover price. Shares of FiberNet were down from a 52weekHigh of $12.20 per share and $39 per share in 2003. Shares of FiberNet reached prices of $117 per share in 2002, $1931.40 per share in 2001 and $7350 per share in 2000.