Rigrodsky & Long, P.A. Investigates Buyout of Tollgrade Communications, Inc. - TLGD
22 Febbraio 2011 - 5:37PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Tollgrade
Communications, Inc. (“Tollgrade” or the “Company”) (Nasdaq: TLGD)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired and taken private by Golden Gate Capital in a transaction
with a total value of approximately $137 million. Click here to
learn how to join the action:
http://www.rigrodskylong.com/news/TollgradeCommunications-TLGD.
Under the proposed agreement, Golden Gate Capital will acquire
all of Tollgrade’s outstanding shares for $10.10 per share in
cash.
The investigation concerns whether Tollgrade’s board of
directors failed to adequately shop the Company and obtain the best
price possible for Tollgrade’s shareholders before entering into
the agreement with Golden Gate Capital. Indeed, on October 28,
2010, Tollgrade announced its highest quarterly profit in nearly a
decade when it reported $11.1 million in revenue. Edward Kennedy,
President and CEO of Tollgrade, commented: “The Company performed
very well during the quarter, closing a key customer contract and
posting positive net income for the second consecutive quarter.
Although certain projects that we hoped would be included in our
third quarter revenues have been delayed, we anticipate that they
will close in the fourth quarter or early in 2011. Our primary
focus still continues to be on our core customers to ensure they
receive the highest levels of service. We are working hard to
secure revenues from both new and existing customers. For example,
in the third quarter, we finalized a new multi-year long term
maintenance contract with a major European telecommunications
provider. Lastly, during the quarter, we generated approximately
$5.4 million in cash from operations[.]”
If you own the common stock of Tollgrade and purchased your
shares before February 22, 2011, 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.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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