The Briscoe Law Firm Announces Investigation of Ness Technologies, Inc.
June 13 2011 - 10:37AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of Ness Technologies, Inc. (“Ness
Technologies” or “NSTC”) (NASDAQ: NSTC) related to the acquisition
of Ness Technologies by the private equity firm Citi Venture
Capital International.
The definitive acquisition agreement, which was announced on
June 10, 2011, involves an all-cash transaction valued at
approximately $307 million. Under the proposed buyout, Ness
Technologies shareholders will receive only $7.75 in cash for each
share of Ness Technologies/NSTC common stock they hold.
The firms are investigating the fairness of the proposed
transaction to Ness Technologies shareholders, whether the
shareholders are being underpaid for their stock, and whether Ness
Technologies’ Board of Directors acted in the shareholders’ best
interests. In particular, although the acquisition price represents
an approximate 17% premium over Ness Technologies’ closing price
the day before the announcement, at least one analyst has set a
target price of $8.00 per share for Ness Technologies stock.
Further, the book value for Ness Technologies shares for the prior
quarter was $9.34 per share, and on May 4, 2011 Ness Technologies
reported positive first quarter 2011 earnings results. Based on
these and other factors, the firms are investigating whether the
acquisition price is fair to Ness Technologies’ shareholders.
If you currently own shares of Ness Technologies/NSTC and would
like additional information regarding this investigation, or if you
have information regarding the allegations involved in this
transaction, please contact Patrick Powers at Powers Taylor, LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters
nationwide, including claims of investor and stockholder fraud,
shareholder oppression, shareholder derivative suits, and security
class actions.
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