Science & Technology
Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of NaviSite, Inc.
BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of NaviSite, Inc. (aNaviSitea or the aCompanya) (NASDAQ:NAVI) related to a proposal from Atlantic Investors, LLC (aAtlantica) to acquire, in a proposed cash transaction, all of the outstanding shares of NaviSite common stock not currently owned by Atlantic.
Under the terms of the proposal announced July 19, 2010 by NaviSite in a Company-issued press release, Atlantic would acquire all of the outstanding shares of common stock of NaviSite not currently owned by Atlantic for $3.05 per share in cash. Atlantic currently owns approximately 36.6% of NaviSitea™s outstanding common stock. According to the press release, NaviSitea™s chief executive officer, Arthur P. Becker, is a managing member of Madison Technology LLC a" a managing member of Atlantic a" and the chairman of NaviSitea™s board of directors, Andrew Ruhan, holds an equity interest in Unicorn Worldwide Holdings Limited, also a managing member of Atlantic. The investigation concerns possible breaches of fiduciary duty and other violations of law related to consideration of the proposal by NaviSitea™s board of directors.
If you own shares of NaviSite, 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 ].
