NEW YORK, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP (“Labaton Sucharow”) announces that on August 10, 2018, it filed a securities class action lawsuit on behalf of its client Wayne County Employees’ Retirement System (“Wayne County”) against Xura Inc. (“Xura” or the “Company”) (NASDAQ: MESG), and certain of its senior executives and directors (collectively, “Defendants”).  The action, which is captioned Wayne County Employees’ Retirement System v. Mavenir, Inc. F/K/A Xura, Inc., No. 18-cv-01229 (D. Del), asserts claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) on behalf of all Xura shareholders of record as of July 11, 2016, the record date for Xura shareholders to be eligible to vote in the merger announced on May 23, 2016 (the “Merger”), pursuant to which Xura was acquired by Sierra Private Holdings II Ltd. through its wholly-owned subsidiary, Sierra Private Merger Sub Inc., both of which are affiliates of Siris Capital Group, LLC.

Xura offered a portfolio of products and services to major telecommunications companies, digital communications services for businesses, and products that facilitated additional revenues for mobile carriers.  On May 23, 2016, Xura entered into an agreement and plan of merger (the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, stockholders of Xura received $25.00 per share in cash.  The Merger was approved by a shareholder vote on August 16, 2016 and closed on August 19, 2016. 

Prior to the shareholder vote, Defendants issued a Preliminary Proxy Statement on June 28, 2016, a Final Proxy Statement on July 12, 2016 (together, the “Proxy”), and on July 26, 2016, a supplemental Proxy Statement (the “Supplemental Proxy Statement”).  The Complaint alleges that the Proxy and Supplemental Proxy Statement contained materially incomplete and misleading disclosures. 

If you were a Xura shareholder of record as of July 11, 2016, the record date for Xura shareholders to be eligible to vote on the Merger, you are a member of the “Class” and may be able to seek appointment as Lead Plaintiff.  Lead Plaintiff motion papers must be filed with the U.S. District Court for the District of Delaware no later than October 12, 2018.  The Lead Plaintiff is a court-appointed representative for absent members of the Class.  You do not need to seek appointment as Lead Plaintiff to share in any Class recovery in this action.  If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member.  You may retain counsel of your choice to represent you in this action.

If you would like to consider serving as Lead Plaintiff or have any questions about this lawsuit, you may contact Francis P. McConville, Esq. of Labaton Sucharow, at (800) 321-0476, or via email at fmcconville@labaton.com. You can view a copy of the complaint here.

Wayne County is represented by Labaton Sucharow, which represents many of the largest pension funds in the United States and internationally with combined assets under management of more than $2 trillion.  Labaton Sucharow’s litigation reputation is built on its half-century of securities litigation experience, more than 60 full-time attorneys, an in-house team of investigators, financial analysts, and forensic accountants.  Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications.  Offices are located in New York, NY, Wilmington, DE, and Washington, D.C.  More information about Labaton Sucharow is available at www.labaton.com.