Robbins Umeda LLP Announces an Investigation of the Acquisition of Cogent Inc. by 3M Co.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors (“Board”) of Cogent Inc. (“Cogent” or the “Company”) (NASDAQ: COGT) in connection with their efforts to sell Cogent to 3M Co. (“3M”) (NYSE: MMM). If the transaction is completed, Cogent shareholders will receive $10.50 in cash for each share of Cogent common stock they hold. The transaction is expected to close during the fourth quarter of the year.
Robbins Umeda LLP’s investigation concerns whether Cogent’s Board undertook a fair process to obtain fair consideration for all shareholders of Cogent. Specifically, our investigation concerns whether the members of the Company’s Board breached their fiduciary duties to Cogent shareholders by failing to adequately shop the Company before entering into the transaction with 3M. Notably, at least one analyst set a price target for the Company at $14 per share. Additionally, earlier this year, Cogent’s stock traded as high as $11.29, 10% higher than 3M’s bid.
If you are a shareholder of Cogent, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.