Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of ICT Group Inc. - ICTG
13 10월 2009 - 12:18AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
ICT Group Inc. (“ICTG” or the “Company”) (NasdaqGM: ICTG) for
possible breaches of fiduciary duty and other violations of state
law in connection with their attempt to sell the Company to Sykes
Enterprises Inc. (NasdaqGS: SYKE) ("Sykes"). Under the terms of the
agreement, ICTG shareholders will receive $7.69 in cash and $7.69
in Sykes stock for each share of ICTG common stock they own for a
total transaction value of approximately $263 million.
The investigation concerns whether the ICTG Board of Directors
breached their fiduciary duties to ICTG shareholders given that (i)
at least one analyst has set a $17.00 per share price target for
ICTG stock; (ii) members of the ICTG Board will receive $15.38 in
cash for each restricted stock unit they hold; (iii) John J.
Brennan, Donald Brennan and Eileen Brennan Oakley, who collectively
own 39 percent of ICTG stock, have agreed to vote their shares in
favor of the transaction; and (iv) the Board agreed to a
no-solicitation provision and a $7,500,000 termination fee that
will all but ensure that no superior offer will ever be
forthcoming.
If you own common stock in ICTG and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/ictg1.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.
Ict Grp., Inc. (MM) (NASDAQ:ICTG)
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Ict Grp., Inc. (MM) (NASDAQ:ICTG)
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