Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Tollgrade Communications, Inc. (“Tollgrade” or the “Company”) (NasdaqGS: TLGD) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to San Francisco-based private equity firm Golden Gate Capital for an estimated $137 million in cash. The proposed transaction only offers Tollgrade shareholders $10.10 in cash for each share they hold. Tollgrade stock traded as high as $10.20 per share as recently as February 16, 2011.

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Whether the Tollgrade’s Board of Directors breached their fiduciary duties to Tollgrade’s stockholders by failing to conduct an adequate and fair sales process to sell the Company prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Tollgrade’s shares and by how much this proposed transaction undervalues the Company to the detriment of Tollgrade shareholders are the key focus of this investigation.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.

If you own common stock in Tollgrade and wish to obtain additional information, please visit us at www.faruqilaw.com/TLGD or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

Attorney Advertising. (C) 2011 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.

Copyright Business Wire 2010

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