Thieler Law Announces Investigation of Ness Technologies, Inc.
June 13 2011 - 8:45AM
Business Wire
Prof. Dr. Thieler - Prof. Dr. Boeh - Thieler - Seitz Corp.
(„Thieler Law”) announces an investigation on behalf of investors
of Ness Technologies, Inc. (Nasdaq: NSTC) over potential breaches
of fiduciary duty and other violations in connection with the
proposed acquisition of Ness Technologies by an affiliate of Citi
Venture Capital International in a transaction valued at
approximately $307 million.
If you own stock in of Ness Technologies, Inc. (NASDAQ: NSTC)
and would like more information, please contact us by email:
MarcS@Thieler-Boeh-Seitz.com or by telephone at +1 (619) 866 –
6157
On June 10, 2011, Ness Technologies Inc. announced that the
company has entered into a merger agreement under which an
affiliate of Citi Venture Capital International will acquire Ness
Technologies, Inc. Under the terms of the proposed transaction,
Ness Technologies stockholders will receive $7.75 per share in cash
for each NSTC share of common stock they hold.
The investigation concerns, among other things, whether the
proposed takeover adequately compensates NASDAQ: NSTC shareholders
and whether a fair process was used in obtaining the best value for
Ness Technologies shareholders, and whether Ness Technologies, Inc
and its Board breached their fiduciary duties by entering into the
buyout agreement without properly shopping for an acquisition that
would provide better value for shareholders. Indeed, at least one
analyst has set a price target of $8.00 per share for Ness
Technologies stock. Additionally, recently Ness Technologies, Inc
issued their first quarter 2011 financial results and announced,
among other things, that its revenues were up 3% year-over-year,
its operating income was up 186% year-over-year, and its net income
from continuing operations was up 497% year-over-year.
If you own common stock in Ness Technologies, Inc. (Nasdaq:
NSTC), if you have information or would like to learn more about
these claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact our San Diego office
at:
Prof. Dr. Thieler - Prof. Dr. Boeh - Thieler - Seitz Corp., 3111
Camino Del Rio North, Suite 400, San Diego, CA 92108, by email:
MarcS@Thieler-Boeh-Seitz.com or by telephone at +1 (619) 866 - 6157
or visit our website http://www.Thieler-Boeh-Seitz.com.
Past results do not guarantee a similar outcome.
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