Art Technology Group, Inc. Shareholder Investigation by Briscoe Law Firm Concerning the Acquisition by Oracle Corporation
02 November 2010 - 6:05PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor, LLP are
investigating potential legal claims against the Board of Directors
of Art Technology Group, Inc. (“Art Technology” or “ARTG”) (NASDAQ:
ARTG) related to the proposed acquisition of Art Technology by
Oracle Corporation.
The definitive merger agreement, which was announced on November
2, 2010, involves a transaction valued at approximately $1 billion
under which Art Technology shareholders will receive only $6.00 in
cash for each share of Art Technology/ARTG common stock they hold.
At the conclusion of the merger, Art Technology will become a
wholly owned subsidiary of Oracle. The transaction is structured to
include a $33,500,000 termination fee.
Based on the lack of an appreciable premium to shareholders and
other factors, the proposed transaction may undervalue Art
Technology/ARTG shares and not be fair to Art Technology
shareholders. The investigation relates to possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Art Technology for approving this transaction and
whether Art Technology’s Board of Directors acted in the
shareholders’ best interests.
If you currently own shares of Art Technology/ARTG and would
like additional information regarding this investigation, or if you
have information regarding the allegations involving this
transaction, please contact Patrick Powers at Powers Taylor, LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC, toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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