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Levi & Korsinsky, LLP
Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of SpaceDev Inc.
NEW YORK, Oct. 28, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of SpaceDev Inc. ("SpaceDev" or the "Company") (OTCBB:SPDV) arising out of their attempt to sell the Company to Sierra Nevada Corporation. Under the terms of the agreement, the gross purchase price being paid for SpaceDev is approximately $38 million which, after certain deductions, is expected to result in a net price of between $0.68 and $0.72 per share to holders of SpaceDev common stock. The price is unfair given that the Company's shares closed at $0.70 as recently as June 18, 2008. Also, the sales process the Company conducted was flawed given that the Company's Board agreed to a $1.5 million termination fee which will ensure no superior offer will ever be forthcoming.