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The Briscoe Law Firm Investigates Netezza Corporationa?s Board Concerning the Acquisition of the Company by IBM

^{Published on 2010-09-20 08:45:23 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Netezza Corporation (aNetezzaa or aNZa) (NYSE: NZ) related to the proposed acquisition of Netezza by [ International Business Machines Corp. ] (aIBMa) (NYSE: IBM).

The definitive [ agreement ], which was announced on September 20, 2010, involves a transaction valued at approximately $1.7 billion, under which Netezza shareholders will receive $27 in cash for each share ofNetezza/NZ common stock they hold. Although the proposed acquisition price represents an approximate 9.8% premium over Netezzaa™s closing price on September 17, 2010, based on historical stock prices and Netezzaa™s better than expected earnings of $3.2 million reported in August 2010, the proposed price appears to be unfair to Netezza shareholders.

The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Netezza for approving this transaction, whether the consideration to be received by Netezza shareholders is fair, and whether Netezzaa™s Board of Directors acted in the shareholdersa™ best interests.

If you currently own shares of Netezza/NZ and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.