Harwood Feffer LLP Announces Investigation of Proposed Merger Between EarthLink Holdings Corp. and Windstream Holdings, Inc.

NEW YORK, Nov. 8, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Earthlink Holdings Corp. ("Earthlink" or the "Company") (Nasdaq: ELNK), concerning whether the board has breached its fiduciary duties to shareholders in connection with its agreement to merge with Windstream Holdings, Inc. ("Windstream") (Nasdaq: WIN).

On November 7, 2016, the two companies announced the signing of a definitive merger agreement pursuant to which Windstream and EarthLink will combine in an all-stock merger of equals.  Under the agreement, Windstream shareholders would receive approximately 51% of the combined company and EarthLink shareholders would receive approximately 49% of the combined company.  

Under the terms of the agreement, EarthLink shareholders will receive 0.818 shares of Windstream common stock for each share of EarthLink common stock with a value of $5.92 based on Windstream's closing price on November 4, 2016. Windstream's closing stock price on November 4, 2016, EarthLink shareholders would have received compensation valued at approximately $5.92 per share.  On November 7, 2016, Earthlink stock closed at $5.60 per share, or $0.32 per share below the announced value of the merger.

The investigation concerns whether EarthLink's board of directors failed to adequately shop the Company and obtain the best possible value for EarthLink shareholders before entering into an agreement with Windstream.

If you own the common stock of EarthLink and purchased your shares before November 7, 2016, and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Robert I. Harwood, Esq.
James G. Flynn, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212) 935-7400
Email:  jflynn@hfesq.com
Website:   http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm. 

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SOURCE Harwood Feffer LLP