NEW YORK, Sept. 16, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been filed in the Superior Court of the State of California challenging the proposed acquisition of PeopleSupport, Inc. ("PeopleSupport" or the "Company") (Nasdaq:PSPT).
The Complaint arises out of the August 4, 2008 announcement by PeopleSupport stating that it had entered into a definitive merger agreement with Essar Services, Mauritius, a company organized under the laws of Mauritius, ("Essar"), and Easter Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Essar ("Merger Sub"). Under the terms of the proposal, PeopleSupport's shareholders would receive $12.25 per share in cash or $250 million. Further, the Complaint alleges that PeopleSupport has failed to disclose all material information to the Company's shareholders, including the key financial valuation information relied on by the Board of the Company. This transaction is subject to customary conditions and regulatory approvals. Upon closing, PeopleSupport will no longer be publicly traded. If you own common stock in PeopleSupport and wish to obtain additional information please contact us at the number listed below or visit www.zlk.com/pspt.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.
More information on this and other class actions can be found on the Class Action Newsline at http://www.globenewswire.com/ca/