Murray, Frank & Sailer LLP is investigating claims of breach of fiduciary duty by certain members of the board of directors of Tollgrade Communications, Inc. (Nasdaq: TLGD) (“Tollgrade” or the “Company”) in relation to the acquisition of the Company by private equity firm Golden Gate Capital (“Golden Gate”).

On February 22, 2011, Tollgrade and Golden Gate announced that Golden Gate will acquire Tollgrade pursuant to an all-cash transaction under which Tollgrade stockholders will receive $10.10 in exchange for each share of Tollgrade common stock, an aggregate value of approximately $137 million.

The investigation concerns whether certain members of the board of directors breached their fiduciary duty in connection with their efforts to sell Tollgrade to Golden Gate at an inadequate price through an unfair process which significantly undervalues the Company. Among other issues, Tollgrade stock traded at as much as $10.16 as recently as February 16, 2011.

If you are a current investor in Tollgrade, who purchased TLGD shares before February 22, 2011, and you wish to discuss this investigation or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Bridget Hamill or Greg Linkh at (800) 497-8076 or (212) 682-1818, or by email at

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