Science & Technology
Law Office of Brodsky & Smith, LLC Announces Investigation of NaviSite, Inc.
BALA CYNWYD, Pa.--([ BUSINESS WIRE ])--Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of NaviSite, Inc. (aNaviSitea or the aCompanya) (Nasdaq: NAVI) relating to the proposed acquisition by Atlantic Investors, LLC (aAtlantica). The proposal letter received by NaviSite contemplates Atlantic acquiring all of the outstanding shares of common stock of NaviSite, not currently owned by Atlantic, for $3.05 per share in cash.
The investigation concerns possible breaches of fiduciary duty and other violations of state law. The transaction appears to be unfair, in part, given that NaviSite stock was trading at $2.95 a share as recently as April 30, 2010 and traded at $3.13 a share on February 25, 2010. Atlantic owns approximately 36.6% of NaviSitea™s outstanding common stock and NaviSitea™s Chief Executive Officer and a member of its board of directors is a managing member of Madison Technology, LLC, and managing member of Atlantic. Also, the Chairman of NaviSitea™s board of directors holds an equity interest in Unicorn Worldwide Holdings Limited, a managing member of Atlantic.
If you own shares of NaviSite and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [ investorrelations@brodsky-smith.com ], or by calling toll free 877-LEGAL-90.
