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Tripp Levy PLLC Investigates Management Buyout of NaviSite

^{Published on 2010-08-05 13:00:46 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Tripp Levy PLLC announces an investigation into the proposed acquisition of NaviSite, Inc. (aNaviSitea) (Nasdaq: [ NAVI ]). On July 19, 2010, NaviSite announced that its board of directors had received a proposal letter from Atlantic Investors, LLC to acquire all of the outstanding shares of common stock of NaviSite not currently owned by Atlantic for $3.05 per share in cash. Atlantic owns approximately 36.6% of NaviSitea™s outstanding common stock and approximately 33.0% in voting power. Arthur P. Becker, NaviSitea™s Chief Executive Officer and a member of its board of directors, is a managing member of Madison Technology LLC, a managing member of Atlantic. Andrew Ruhan, the Chairman of NaviSitea™s board of directors, holds an equity interest in Unicorn Worldwide Holdings Limited, a managing member of Atlantic.

The investigation concerns whether the consideration to be paid to NaviSite shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of NaviSite. The investigation further concerns whether Atlantic, as a significant shareholder of the NaviSite, as well as the board of directors of NaviSite, may have breached their fiduciary duties by not acting in NaviSite shareholders' best interests in connection with the sale process of NaviSite.

If you own the common stock of NaviSite and purchased your shares before July 19, 2010, and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact

Tripp Levy
Tripp Levy PLLC
125 East 82^nd Street
9^th Floor
New York, New York
Toll Free: 877-772-3975
Email: [ contact@tripplevy.com ]

Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.

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