Net Element, Inc. Investigation

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Net Element, Inc. (“NETE” or the “Company”) (NASDAQ: NETE) in connection with the proposed merger of the Company with privately-held electric vehicle company Mullen Technologies, Inc. (“Mullen”). Under the terms of the agreement, NETE’s wholly owned subsidiary will merge with Mullen, with the shareholders of Mullen becoming owners of 85% of the outstanding common stock of NETE upon close of the merger. The remaining 15% of the combined surviving company will be owned by former NETE shareholders.

WeissLaw is investigating whether NETE’s board was fully informed as to the valuation of the proposed merger given Mullen’s status as a privately-held company and prospective majority ownership of the combined company, whether the board acted to maximize shareholder value prior to entering into the merger agreement, and whether all information regarding the valuation of the deal will be available to NETE shareholders.\n\nIn light of the foregoing, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.\n\nWeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com.

Other Cases

March 3, 2021

The Michaels Companies Investigation

We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of The Michaels Companies, Inc. (“Michaels” or the “Company”) (NASDAQ: MIK) in connection with the proposed acquisition of the Company by Apollo Global Management, Inc. (“Apollo”) (NYSE: APO). The transaction is structured as an all-cash tender offer pursuant to which the Company’s shareholders will receive $22.00 for each share of Michaels common stock that they hold.

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March 2, 2021

Communications Systems, Inc. Investigation

We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Communications Systems, Inc. (“CSI” or the “Company”) (NASDAQ: JCS) in connection with the Company’s proposed merger with Pineapple Energy, LLC (“Pineapple”), a privately-held U.S. operator and consolidator of residential solar, battery storage, and grid services solutions. Under the terms of the merger agreement, CSI and Pineapple will combine through a reverse merger that will result in the combined company continuing to trade on the Nasdaq Capital Market under the new ticker symbol “PEGY.” In conjunction with the merger, CSI intends to divest substantially all its current operating and non-operating assets. CSI expects the sale proceeds from any pre-merger divestitures to be distributed in the form of a cash dividend to existing CSI shareholders prior to the effective date of the merger. In addition, CSI expects to distribute to the pre-merger shareholders a cash dividend of at least $1.00 per share prior to the closing of the merger. Moreover, under the terms of the merger agreement, (i) each CSI shareholder as of the merger record date, will receive Contingent Value Rights (“CVRs”) that reflect the right to receive that shareholder’s percentage of the net proceeds from the sale of legacy CSI businesses and assets, after the closing; and (ii) current CSI shareholders will retain shares in the combined company, initially holding approximately 37% of total shares outstanding.

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March 1, 2021

Boingo Wireless, Inc. Investigation

We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Boingo Wireless, Inc. (“Boingo” or the “Company”) (NASDAQ: WIFI) in connection with the proposed acquisition of the Company by Digital Colony Management, LLC. Under the terms of the merger agreement, Boingo shareholders will receive $14.00 in cash for each Boingo share that they own. The transaction is valued at approximately $854 million.

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