Levi & Korsinsky is investigating the Board of Directors of Phase Forward Inc. (“Phase Forward” or the “Company”) (NasdaqGS: PFWD) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Oracle Corporation (“Oracle”) (NasdaqGS: ORCL). Under the terms of the transaction, Phase Forward shareholders will receive $17.00 in cash for each share of Phase Forward that they own for a total transaction value of approximately $685 million.

For the year ending December 31, 2009, Phase Forward reported total revenue of $213.257 million and net income of $8.046 million as compared to total revenue and net income of $170.184 million and $13.845 million, respectively, for the prior year. Phase Forward has in excess of 109 million in cash with no debt. The investigation concerns whether the Phase Forward Board of Directors breached their fiduciary duties to Phase Forward stockholders by failing to adequately shop the Company before entering into this transaction and whether Oracle is underpaying for Phase Forward shares, thus unlawfully harming Phase Forward stockholders. In particular, at least one analyst set a price target for Phase Forward stock at $18.00 per share and Phase Forward stock traded at $17.09 per share as recently as November 17, 2009.

If you own common stock in Phase Forward and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/phase-forward-pfwd.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

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