The Law Office of Robbins Umeda LLP Announces an Investigation of the Acquisition of Netezza Corporation by IBM
21 September 2010 - 8:34AM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by
members of the Board of Directors ("Board") of Netezza Corporation
("Netezza" or the "Company") (NYSE: NZ) in connection with their
efforts to sell Netezza to International Business Machines Corp.
("IBM") (NYSE: IBM). If the transaction is completed, Netezza
shareholders will receive $27.00 in cash for each share of Netezza
common stock they hold. The transaction is expected to be completed
in the fourth quarter of 2010.
Robbins Umeda LLP's investigation concerns whether Netezza's
Board undertook a fair process to obtain fair consideration for all
shareholders of Netezza. Specifically, our investigation concerns
whether the Company's Board breached their fiduciary duties to
Netezza shareholders by failing to adequately shop the Company
before entering into the transaction with IBM. Notably, Netezza's
second quarter earnings were $63.8 million, significantly higher
than consensus estimates of $53.9 million. In light of this strong
quarter, Netzza raised its annual outlook to revenue growth of 30%
for the Company's 2011 fiscal year. Furthermore, Netezza shares are
currently trading well above the $27.00 consideration from IBM.
If you are a shareholder of Netezza, plan to continue to hold
your shares, and would like more information about your rights as a
shareholder, please contact attorney Gregory E. Del Gaizo at
800-350-6003 or by e-mail at info@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please go to http://www.robbinsumeda.com.
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