TLGD Tollgrade Communications, Inc. (MM)

Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Tollgrade Communications, Inc. (“Tollgrade” or the “Company”) (NASDAQ:TLGD) related to the Company’s agreement to be acquired by an affiliate of Golden Gate Capital, a private equity firm. The proposed all-cash transaction is valued at approximately $137 million.

Under the terms of the definitive merger agreement entered into by the parties, Tollgrade shareholders will receive $10.10 in cash for each share they own of Tollgrade common stock. The transaction is expected to be completed in the second quarter of 2011. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by Tollgrade’s board of directors.

If you are a shareholder of Tollgrade, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

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