Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Phase Forward Incorporated

Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Phase Forward Incorporated (“Phase Forward” or the “Company”) (NASDAQ:PFWD) related to the Company’s agreement to be acquired by Oracle Corporation (“Oracle”) in a proposed cash transaction valued at approximately $685 million.

Under the terms of the proposed transaction, Phase Forward shareholders will receive $17.00 in cash for each share of the company’s common stock they own. Phase Forward shares traded above $17.00 as recently as November 2009. The transaction is expected to be completed in mid-2010. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the transaction by Phase Forward’s board of directors.

If you own shares of Phase Forward, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

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