The Law Office of Abe Shainberg Announces Investigation of Ness Technologies, Inc. -- NSTC
June 14 2011 - 3:57PM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of Ness Technologies, Inc. (NASDAQ: NSTC) for possible
breaches of fiduciary duty and other violations of state law in
connection with the sale of the Company to an affiliate of Citi
Venture Capital International. Under the terms of the proposed
transaction, Ness stockholders will receive $7.75 per share in cash
for a total transaction value of approximately $307 million.
The investigation concerns whether the Ness Board of Directors
breached their fiduciary duties to Ness stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Citi Venture Capital International is underpaying for
Ness shares. At least one analyst set a target price for Ness stock
at $8.00 per share and the company reported a book value for the
last quarter at $9.34 per share.
If you own common stock in Ness and wish to obtain additional
information, please contact Abe Shainberg, Esq. either via email at
as@ashainberglaw.com or by telephone at (212) 425-7286, or visit
http://www.ashainberglaw.com/ness-technologies.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various
matters nationwide. Attorney advertising. Prior results do not
guarantee similar outcomes.
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