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.
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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 email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit .
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