Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Ness Technologies, Inc. (NASDAQ:NSTC and TASE:NSTC), arising from its proposed acquisition by Citi Venture Capital International.
Under the all-cash transaction, Ness stockholders will receive $7.75 per share. The transaction is expected to close in the next three to six months, subject to Ness stockholder approval and regulatory approvals.
Weiss & Lurie is investigating whether Ness’s Board acted in the best interests of shareholders in approving the transaction. Notably, Ness’s book value per share as of December 31, 2010 was $9.02. For its first quarter ended March 31, 2011, Ness reported net income from continuing operations of $4.2 million, an increase of 497% year-over-year. Yet, this deal only provides shareholders with a premium of 22.3% (calculated based on a 20-day trading average), while, according to data from Bloomberg, the average premium paid for U.S. computer services companies during the last three years was over 60%.
If you own Ness shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at email@example.com or by telephone at (888) 593-4771.Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (such as insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading press releases or SEC filings), consumer fraud (such as false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.
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