Ness Technologies, Inc.
MURRAY FRANK LLP Announces Investigation of Ness Technologies (NSTC)
NEW YORK, NY (BUSINESSWIRE) - MURRAY FRANK LLP is investigating claims of breach of fiduciary duty by certain members of the board of directors of Ness Technologies, Inc. (NASDAQ: NSTC) ("Ness" or "the Company") in relation to the acquisition of the Company by Citi Venture Capital International ("Citi").
On June 10, 2011, Ness and Citi announced that Citi would acquire Ness pursuant to a transaction under which Ness stockholders will receive $7.75 for each share of Transatlantic common stock, for a total deal worth approximately $307 million. The amount represents a premium of only 17.6% over the closing price of the stock prior to the announcement.
The investigation concerns whether certain members of the board of directors breached their fiduciary duty in connection with their efforts to sell Ness to Citi for an inadequate price through an unfair process, which significantly undervalues the Company.
If you are a current investor in Ness, who purchased NSTC shares before June 10, 2011, and you wish to discuss this investigation or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Gregory Frank at (800) 497-8076 or (212) 682-1818, or by email at [email protected].
Contact:
MURRAY FRANK LLP
Gregory Frank
(800) 497-8076
(212) 682-1818