Murray, Frank & Sailer LLP Announces Investigation of Ness Technologies (NSTC)
June 14 2011 - 1:51PM
Business Wire
Murray, Frank & Sailer LLP is investigating claims of breach
of fiduciary duty by certain members of the board of directors of
Ness Technologies, Inc. (NASDAQ: NSTC) (“Ness” or “the Company”) in
relation to the acquisition of the Company by Citi Venture Capital
International (“Citi”).
On June 10, 2011, Ness and Citi announced that Citi would
acquire Ness pursuant to a transaction under which Ness
stockholders will receive $7.75 for each share of Transatlantic
common stock, for a total deal worth approximately $307 million.
The amount represents a premium of only 17.6% over the closing
price of the stock prior to the announcement.
The investigation concerns whether certain members of the board
of directors breached their fiduciary duty in connection with their
efforts to sell Ness to Citi for an inadequate price through an
unfair process, which significantly undervalues the Company.
If you are a current investor in Ness, who purchased NSTC shares
before June 10, 2011, and you wish to discuss this investigation or
have any questions concerning this notice or your rights or
interests with respect to these matters, please contact Gregory
Frank at (800) 497-8076 or (212) 682-1818, or by email at
investigations@murrayfrank.com.
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