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NaviSite, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Time Warner Cable Inc.

^{Published on 2011-02-03 16:20:59 - 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 securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of NaviSite, Inc. (aNaviSitea or aNAVIa) (NASDAQ: NAVI) related to the proposed buyout of NaviSite by Time Warner Cable Inc. The definitive acquisition agreement, which was announced on February 1, 2011, involves a transaction valued at approximately $230 million. Under the proposed buyout, NaviSite shareholders will receive only $5.50 in cash for each share of NaviSite/NAVI common stock they hold. The transaction is expected to close in the second quarter of 2011.

The investigation relates to the fairness of the proposed transaction to NaviSite shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of NaviSite for approving this transaction, and whether NaviSitea™s Board of Directors acted in the shareholdersa™ best interests.

Although the acquisition price offered to NaviSite shareholders represents an approximate 33% premium over NaviSitea™s closing price the day before the merger announcement, in 2010 the company saw increasing growth and reported gains in revenue. Based on these and other factors, the firms believe that the acquisition price may not be fair for NaviSite shareholders.

If you currently own shares of NaviSite/NAVI and would like additional information regarding this investigation, or if you have information regarding the allegations involved in 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 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.