Science & Technology
Mon, June 20, 2011Sun, June 19, 2011Sat, June 18, 2011Fri, June 17, 2011Thu, June 16, 2011Wed, June 15, 2011Tue, June 14, 2011Mon, June 13, 2011Fri, June 10, 2011Thu, June 9, 2011Wed, June 8, 2011Tue, June 7, 2011Mon, June 6, 2011Sat, June 4, 2011Fri, June 3, 2011Thu, June 2, 2011Wed, June 1, 2011Tue, May 31, 2011The Briscoe Law Firm Announces Investigation of Ness Technologies, Inc.
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Published in Science and Technology on Monday, June 13th 2011 at 7:45 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
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 Ness Technologies, Inc. (aNess Technologiesa or aNSTCa) (NASDAQ: NSTC) related to the acquisition of Ness Technologies by the private equity firm Citi Venture Capital International.
The definitive acquisition agreement, which was announced on June 10, 2011, involves an all-cash transaction valued at approximately $307 million. Under the proposed buyout, Ness Technologies shareholders will receive only $7.75 in cash for each share of Ness Technologies/NSTC common stock they hold.
The firms are investigating the fairness of the proposed transaction to Ness Technologies shareholders, whether the shareholders are being underpaid for their stock, and whether Ness Technologiesa™ Board of Directors acted in the shareholdersa™ best interests. In particular, although the acquisition price represents an approximate 17% premium over Ness Technologiesa™ closing price the day before the announcement, at least one analyst has set a target price of $8.00 per share for Ness Technologies stock. Further, the book value for Ness Technologies shares for the prior quarter was $9.34 per share, and on May 4, 2011 Ness Technologies reported positive first quarter 2011 earnings results. Based on these and other factors, the firms are investigating whether the acquisition price is fair to Ness Technologiesa™ shareholders.
If you currently own shares of Ness Technologies/NSTC 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 nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
