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Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Proginet Corp. - PRGF.OB

^{Published on 2010-06-22 07:36:33 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Levi & Korsinsky is investigating the Board of Directors of Proginet Corp. (aProgineta or the aCompanya) (OTC BB: PRGF) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to TIBCO Software Inc. ("TIBCO") (NasdaqGS: TIBX). Under the terms of the transaction, Proginet shareholders will receive $1.15 in cash for each Proginet share of common stock they own for a total transaction value of approximately $23 million.

The investigation concerns whether the Proginet Board of Directors breached their fiduciary duties to Proginet stockholders by failing to adequately shop the Company before entering into this transaction and whether TIBCO is underpaying for Proginet shares, thus unlawfully harming Proginet stockholders. In particular, at least one analyst set a price target for Proginet stock at $2.00 per share.

If you own common stock in Proginet and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [ jlevi@zlk.com ] or by telephone at (212) 363-7500 or visit [ http://www.zlk.com/proginet-corp-prgf.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.