Levi n Korsinsky is investigating the Board of Directors of Navisite for possible breaches of fiduciary duty and other violations of state law in connection with a proposal received from Atlantic Investors LLC.
New York, NY, USA, August 9, 2010 (PRESSbooth.ORG) -- Levi & Korsinsky is investigating the Board of Directors of Navisite Inc. (NasdaqCM: NAVI) for possible breaches of fiduciary duty and other violations of state law in connection with a proposal received from Atlantic Investors LLC to purchase the company for $3.05 per share. Concerned shareholders should contact Joseph Levi at 877-363-5972 or by email at jlevi @ zlk.com for more information
The investigation concerns whether the Navisite Board of Directors is adequately shopping the Company to achieve a transaction that maximizes shareholder value. In particular, the $3.05 offer price is less than the $3.31 per share price that Navisite traded at as recently as February 22, 2010 and is less than the $3.50 target price set by at least one analyst. Also, Atlantic currently owns approximately 36.6% of NaviSite common stock. Furthermore, Arthur P. Becker, NaviSite’s CEO and a member of its board, is a managing member of Madison Technology LLC which is a managing member of Atlantic. In addition, Andrew Ruhan, the Chairman of NaviSite’s board of directors, holds an equity interest in Unicorn Worldwide Holdings Limited, also a managing member of Atlantic.
If you own common stock in Navisite and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi @ zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/navisite-navi.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
Contact:
Levi & Korsinsky, LLP,
Joseph Levi, Esq.,
Eduard Korsinsky, Esq.,
30 Broad Street - 15th Floor, New York,
NY 10004, Tel: (212) 363-7500,
Fax: (212) 363-7171,
www.zlk.com
Jared Morine
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
jmorine @ zlk.com
http://www.zlk.com
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