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Art Technology Group, Inc. Shareholder Investigation by Briscoe Law Firm Concerning the Acquisition by Oracle Corporation

^{Published on 2010-11-02 13:45:45 - 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 [ Art Technology Group, Inc. ] (aArt Technologya or aARTGa) (NASDAQ: ARTG) related to the proposed acquisition of Art Technology by Oracle Corporation.

The definitive merger agreement, which was announced on November 2, 2010, involves a transaction valued at approximately $1 billion under which Art Technology shareholders will receive only $6.00 in cash for each share of Art Technology/ARTG common stock they hold. At the conclusion of the merger, Art Technology will become a wholly owned subsidiary of Oracle. The transaction is structured to include a $33,500,000 termination fee.

Based on the lack of an appreciable premium to shareholders and other factors, the proposed transaction may undervalue Art Technology/ARTG shares and not be fair to Art Technology shareholders. The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Art Technology for approving this transaction and whether Art Technologya™s Board of Directors acted in the shareholdersa™ best interests.

If you currently own shares of Art Technology/ARTG 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.