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Levi & Korsinsky, LLP
Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of Data Domain, Inc.
NEW YORK, June 4, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of Data Domain, Inc. ("Data Domain" or the "Company")(Nasdaq:DDUP). On May 20, 2009, Data Domain agreed to sell the Company to NetApp Inc. (Nasdaq:NTAP) for cash and stock valuing Data Domain shares at approximately $25. The sales process the Company conducted appears to be flawed given that, in contravention of their fiduciary duties to maximize shareholder value, the Board failed to fully shop the Company to entities that it knew would be interested in acquiring the Company. In fact, on June 2, 2009, EMC Corp. announced that it would pay $30 per share in cash for the Company. On June 3, NetApp agreed to raise its offer price to $30 per share to be paid in a combination of cash and NetApp stock. Instead of conducting an open and fair sales process, the Board appears to continue to favor a transaction with NetApp over EMC to the detriment of Data Domain shareholders. If you own common stock in Data Domain and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/ddup1.html.