Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Intelligroup, Inc. (“Intelligroup” or the “Company”) (OTC Bulletin Board: ITIG.OB) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by NTT DATA Corporation (“NTT DATA”) in a transaction valued at approximately $199 million.
Under the proposed agreement, NTT DATA will acquire all the outstanding shares of Intelligroup for $4.65 per share through an all-cash tender offer, followed by a second-step merger to acquire all remaining shares at the same price paid in the tender offer. The investigation concerns whether Intelligroup’s board of directors failed to adequately shop the Company and obtain the best price possible for Intelligroup’s shareholders before entering into the agreement with NTT DATA. Moreover, in connection with the offer, SB Asia Infrastructure Fund, LP and Venture Tech Assets Private Ltd, which collectively hold approximately 62.9% of Intelligroup’s outstanding common stock, have agreed to tender their shares into the offer and against approval of any proposal made in opposition to, or in competition with, the consummation of NTT DATA’s tender offer.
As recent as May 4, 2010, the Company reported its first quarter 2010 financial results wherein Intelligroup reported a revenue increase of 8.7%, a rise in net income of 159%, and an increase in EPS of 165%.
If you own the common stock of Intelligroup and purchased your shares before June 14, 2010, 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 info@rigrodskylong.com.
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.
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