NEW YORK, April 28, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of LoopNet, Inc. ("LoopNet" or the "Company") concerning the proposed acquisition of LoopNet by CoStar Group, Inc. ("CoStar") in a transaction valued at $860 million.
The investigation concerns whether the board of directors breached their fiduciary duties by failing to maximize shareholder value and failing to shop the Company before entering into this transaction. Under the terms of the agreement, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar common stock for each share of LoopNet common stock they own.
LoopNet shareholders seeking more information about this acquisition are advised to contact Gustavo Bruckner, Esq. at gfbruckner@pomlaw.com or 212-661-1100 or toll free at 888-476-6529, ext. 302. Shareholders may also contact Rachelle R. Boyle at rrboyle@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) 212-661-1100 (ext. 237) rrboyle@pomlaw.com