Rigrodsky & Long, P.A. Announces Investigation of Phase Forward Incorporated
April 16 2010 - 11:17AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Phase Forward
Incorporated (“Phase Forward” or the “Company”) (Nasdaq: PFWD)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired by Oracle in a transaction valued at approximately $685
million.
Under the proposed agreement, Oracle will pay Phase Forward
shareholders $17.00 per share for each share of Phase Forward
common stock outstanding. The investigation concerns whether Phase
Forward’s board of directors failed to adequately shop the Company
and obtain the best price possible for Phase Forward’s shareholders
before entering into the agreement with Oracle. As recent as
February 4, 2010, the Company announced its fourth quarter and 2009
year end results wherein Bob Weiler, Phase Forward’s Chairman and
CEO, commented, “[t]he fourth quarter was a strong finish to a
successful year for Phase Forward and was highlighted by revenue
growth and non-GAAP operating income that was at the high-end of
our guidance.” Indeed, at least one analyst has set a price target
for Phase Forward of $18.00 per share.
If you own the common stock of Phase Forward and purchased your
shares before April 15, 2010, if you have information or would like
to learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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