NEW YORK, June 13, 2011 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Ness Technologies, Inc. ("Ness" or the "Company") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to an affiliate of Citi Venture Capital International. Under the terms of the transaction, Ness stockholders will receive $7.75 per share in cash for each share of common stock they own. The transaction has a total value of approximately $307 million.
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The investigation concerns whether the Ness Board of Directors breached their fiduciary duties to Ness stockholders by failing to adequately shop the Company before entering into this transaction and whether Citi Venture Capital International is underpaying for Ness shares, thus unlawfully harming Ness stockholders. In particular, the Book Value for Ness shares for the last quarter was $9.34 per share, and at least one analyst placed a value of $8.00 per share of Ness stock.
If you own common stock in Ness 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 http://zlk.9nl.com/NSTC-classaction.
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