Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of IPCS, Inc. - IPCS
Business Wire
Oct 19, 2009
Levi & Korsinsky is investigating the Board of Directors of IPCS Inc.
(“IPCS” or the “Company”) (NasdaqGS: IPCS) for possible breaches of
fiduciary duty and other violations of state law in connection with
their attempt to sell the Company to Sprint Nextel Corp. Under the terms
of the transaction, IPCS shareholders will receive $24.00 in cash for
each share of IPCS common stock they own for a total transaction value
of approximately $426 million.
The investigation concerns whether the IPCS Board of Directors breached
their fiduciary duties to IPCS shareholders by failing to take adequate
steps to maximize shareholder value. The median price target for IPCS
stock set by analysts is $25.00 per share, with at least one analyst
setting a $30.00 per share price target, and the Board agreed to a
non-solicitation provision and a $12.5 million termination fee that will
all but ensure that no superior offers will ever be forthcoming.
If you own common stock in IPCS and wish to obtain additional
information, please contact us at the number listed below or visit http://www.zlk.com/ipcs1.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.
(c) 2009 Business Wire, Inc., All rights reserved. All of the news releases and other content contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. Any copying or reproduction (other than for an individual user's personal reference), redistribution, reposting or other transmission or communication is expressly prohibited without prior written permission of Business Wire, Inc
