Investor Sues Over Verizon's $1.4B Bid For Terremark

Law360, New York (February 1, 2011, 1:20 PM EST) -- A Terremark Worldwide Inc. investor has launched a proposed class action in hopes of blocking Verizon Communications Inc.'s takeover of the software company, claiming the telecom giant's $1.4 billion offer severely undervalues the cloud computing specialist.

Norbert Shaefer alleges Terremark executives and board members breached their fiduciary duties to investors when they negotiated a purchase price of $19 per share with Verizon, according to a complaint filed Monday in the Circuit Court of the Eleventh Judicial Circuit of Florida.

Shaefer said the offer "is merely an...
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