Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of MediaMind Technologies Inc. (“MediaMind” or the “Company”) (Nasdaq: MDMD) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by DG Fastchannel, Inc. (Nasdaq: DGIT) (“DG”) in a transaction with an enterprise value of approximately $414 million.
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Under the proposed agreement, DG will commence a tender offer for all of the outstanding shares of MediaMind for $22.00 per share in cash.
The investigation concerns whether MediaMind’s board of directors failed to adequately shop the Company and obtain the best price possible for MediaMind’s shareholders before entering into the agreement with DG. Indeed, according to Yahoo! Finance, at least one analyst has set a price target of $23.00 per share for MediaMind stock.On May 12, 2011, MediaMind announced its first quarter 2011 financial results wherein it reported an 18% increase in revenues. Gal Trifon, MediaMind President and CEO, commented: “Demand was strong across all regions, highlighted by a 35% increase in our North American market, with a 124% increase in revenues from our data driven products and a growing contribution from our larger advertising partners. We also strengthened our global presence during the period with the addition of a new data center in China and the acquisition of our fast-growing distribution partner in Italy. Looking ahead, we see exciting growth opportunities in social media and mobile advertising trends and have solidified our plans to enhance our offering accordingly.” If you own the common stock of MediaMind and purchased your shares before June 16, 2011, 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 firstname.lastname@example.org. 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.