Rigrodsky & Long, P.A. Announces Investigation of Phase Forward Incorporated

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Phase Forward Incorporated (“Phase Forward” or the “Company”) (Nasdaq: PFWD) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Oracle in a transaction valued at approximately $685 million.

Under the proposed agreement, Oracle will pay Phase Forward shareholders $17.00 per share for each share of Phase Forward common stock outstanding. The investigation concerns whether Phase Forward’s board of directors failed to adequately shop the Company and obtain the best price possible for Phase Forward’s shareholders before entering into the agreement with Oracle. As recent as February 4, 2010, the Company announced its fourth quarter and 2009 year end results wherein Bob Weiler, Phase Forward’s Chairman and CEO, commented, “[t]he fourth quarter was a strong finish to a successful year for Phase Forward and was highlighted by revenue growth and non-GAAP operating income that was at the high-end of our guidance.” Indeed, at least one analyst has set a price target for Phase Forward of $18.00 per share.

If you own the common stock of Phase Forward and purchased your shares before April 15, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Phase Forward (NASDAQ:PFWD)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024