Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Phase Forward Inc. - PFWD
April 16 2010 - 10:45AM
Business Wire
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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