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Harwood Feffer LLP (
www.hfesq.com) is investigating potential claims against the board of directors of Tollgrade Communications, Inc. ("Tollgrade" or the "Company") (NASDAQ:TLGD) concerning possible breaches of fiduciary duty and other violations of law related to the proposed acquisition by an affiliate of Golden Gate Capital in a transaction valued at approximately $137 million.
Under the terms of the agreement, Tollgrade shareholders will receive $10.10 per share in cash. Our investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the board of directors undertook a fair process to obtain fair consideration for all shareholders of Tollgrade. Among other things, Tollgrade stock has traded as high as $10.20 per share as recently as February 16, 2011.