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 Intraware Inc. ("Intraware" or the "Company") (Nasdaq:ITRA) arising out of their attempt to sell the Company to Acresso Software. Under the terms of the agreement, Intraware shareholders will receive $4.00 in cash per share, for a total sale price of approximately $27.0 million. The price is unfair given that the Company's shares closed at $4.50 as recently as June 18, 2008 and the Company has approximately $2.00 per share in cash. Also, the sales process the Company conducted was flawed given that, in contravention of their fiduciary duties to maximize shareholder value, the Company's Board agreed to a "no-shop" provision and a $1.6 million termination fee which will ensure no superior offer will ever be forthcoming.
If you own common stock in Intraware and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/itra.html
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.