Law Office of Jonathan M. Stein, P.L., Investigates Possible Breach of Fiduciary Duty by the Board of Ness Technologies, Inc.
June 13 2011 - 11:22AM
Business Wire
The Law Office of Jonathan M. Stein, P.L. is investigating the
Board of Directors of Ness Technologies, Inc. ("Ness" or the
"Company") (Nasdaq: NSTC) for possible breaches of fiduciary duty
and other violations of state law in connection with their attempt
to complete a sale of the Company to affiliate of Citi Venture
Capital International (CVCI), a global private equity investment
fund. Under the terms of the proposed transaction, Ness
shareholders are to receive $7.75 per share in cash for each
outstanding share of Ness common stock, for a total transaction
value of about $307 million.
The investigation involves whether the Board of Directors of
Ness breached their fiduciary duties to Ness stockholders by
failing to adequately shop the Company before agreeing to enter
into the transaction and whether Ness has disclosed all material
information to shareholders about the proposed transaction. Of
particular interest, according to Yahoo Finance, the Company’s book
value is $9.34 per share, and one analyst has set a target price at
$8.00 per share.
If you own stock in Ness and wish to obtain additional
information about your rights, or if you have information regarding
the above investigation, please contact Jonathan M. Stein, Esq.
either via email at jstein@jonathansteinlaw.com or by telephone at
(561) 961-2244.
The Law Office of Jonathan M. Stein, P.L. represents
shareholders and consumers in complex litigation, including class
action and derivative litigation. More information about the firm
is available through its website, www.jonathansteinlaw.com, and
upon request from the firm. Jonathan M. Stein is the attorney
responsible for the content of this release.
Jonathan M. Stein, Esq. Law Office of Jonathan M. Stein, P.L. 120
E. Palmetto Park Rd., Suite 420 Boca Raton, FL 33432 (561) 961-2244
jstein@jonathansteinlaw.com
www.jonathansteinlaw.com
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