updated 4/29/2011 1:46:35 PM ET 2011-04-29T17:46:35

NEW YORK, April 29, 2011 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of LoopNet, Inc. ("LoopNet" or the "Company") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to CoStar Group, Inc. Under the terms of the transaction, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar common stock for each LoopNet share they own. The transaction has a total value of approximately $860 million.

Click here to learn how to join the action: http://www.zlk.com/loopnet-loop.html , or call: 877-363-5972.

The investigation concerns whether the LoopNet Board of Directors breached their fiduciary duties to LoopNet stockholders by failing to adequately shop the Company before entering into this transaction and whether CoStar Group, Inc. is underpaying for LoopNet shares, thus unlawfully harming LoopNet stockholders.

If you own common stock in LoopNet and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/loopnet-loop.html .

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT: Levi & Korsinsky, LLP
         Joseph Levi, Esq.
         Eduard Korsinsky, Esq.
         30 Broad Street - 15th Floor
         New York, NY 10004
         Tel: (212) 363-7500
         Toll Free: (877) 363-5972
         Fax: (212) 363-7171
         www.zlk.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.97%
$30K home equity loan FICO 5.23%
$75K home equity loan FICO 4.66%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.28%
13.21%
Cash Back Cards 17.73%
17.70%
Rewards Cards 17.00%
16.96%
Source: Bankrate.com