Kendall Law Group Announces Shareholder Investigation into iPCS, Inc.
Business Wire
Oct 19, 2009
Kendall Law Group, led by a former federal judge and former US Attorney,
announces a shareholder investigation into the Board of Directors of
iPCS, Inc. (NASDAQ: IPCS) for possible breaches of fiduciary duty in
connection with the proposed acquisition by Sprint Nextel Corp.
Sprint announced that it planned to buy iPCS in a transaction valued at
$831 million, including the assumption of $405 million of net debt. iPCS
offers personal communications services, network products and services
under the Sprint brand name through PCS retail stores, co-branded
dealers, and third party distributers. According to the agreement,
shareholders will receive $24 per iPCS share owned. iPCS stock closed at
$17.88 per share on Friday, October 16, 2009.
Kendall Law Group’s investigation concerns whether the consideration to
be paid to shareholders is grossly unfair, inadequate, and substantially
below the fair or inherent value of the Company and whether the
directors and special committee members may have breached their
fiduciary duties by not acting in the shareholders’ best interests in
connection with the sale process.
Kendall Law Group has nationwide experience representing investors in
mergers and acquisitions. For information about your rights as an iPCS
shareholder, contact attorney Hamilton Lindley at 877-744-3728 or by
email at hlindley@kendalllawgroup.com.
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