Kendall Law Group, led by former federal judge Joe Kendall, is investigating Tollgrade Communications, Inc. (NASDAQ:TLGD) for shareholders in connection with the proposed acquisition by an affiliate of Golden Gate Capital. The national securities litigation firm is investigating whether a fair process was used prior to entering into the merger agreement and whether the Board of Directors breached their fiduciary duties by not seeking a deal that would provide better value of the Company. If you are a Tollgrade shareholder and would like additional information about your rights, you are urged to contact the Kendall Law Group at 877-744-3728 or by email at skendall@kendalllawgroup.com.

On February 22, 2011 the companies announced that the companies have entered into a definitive merger agreement under which Tollgrade would be acquired by an affiliate of Golden Gate in an all-cash transaction valued at approximately $137 million. Under the terms of the agreement, Tollgrade stockholders will receive $10.10 in cash for each share of TLGD common stock held. Tollgrade reports that the agreement price represents a 29% premium based on the closing price on September 1, 2010, when they began to explore strategic alternatives. However, the offer is just pennies above the $10.08 closing price on the last day of trading before the deal was announced. The firm believes the transaction significantly undervalues the company.

Kendall Law Group, founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in many merger and acquisition cases nationwide, including some of the largest transactions in the United States.

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