Robbins Umeda LLP is Investigating Tollgrade Communications, Inc. Acquisition for Shareholders
23 Février 2011 - 1:06AM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
investigating possible breaches of fiduciary duty and other
violations of state law by members of the board of directors of
Tollgrade Communications, Inc. (Nasdaq:TLGD) in connection with
their efforts to sell the company to an affiliate of Golden Gate
Capital.
On February 22, 2011, Tollgrade and Golden Gate announced a
definitive merger agreement under which Tollgrade will be acquired
by an affiliate of Golden Gate Capital. Under the terms of the
current agreement, Tollgrade shareholders will receive $10.10 per
share in cash for each share of Tollgrade common stock. The merger
is expected to close in the second quarter of 2011.
The investigation seeks to determine whether Tollgrade's board
of directors undertook a fair process to obtain maximum value for
its shareholders in light of the company's strong prospects.
Specifically, on October 28, 2010, Tollgrade reported its highest
quarterly profit in nearly a decade. It reported third quarter 2010
revenues of $11.1 million and net income of $2.5 million, which is
an increase of greater than 100% from the second quarter of 2010.
Further, on February 16 and 17, 2011, Tollgrade traded as high as
$10.20 in intraday trading, greater than the consideration
specified in the merger announcement.
If you own stock in Tollgrade and would like more information
about your rights as a shareholder, please contact attorney Gregory
E. Del Gaizo at 800-350-6003 or by e-mail at
info@robbinsumeda.com.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
law firm's skilled litigation teams include former federal
prosecutors, former defense counsel from top multinational
corporate law firms, and career shareholder rights attorneys.
Robbins Umeda LLP has helped its clients realize more than $1
billion of value for themselves and the companies in which they
have invested. For more information, please go to
http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/tollgrade-communications-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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