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.
If you own common stock in SpaceDev and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/spdv.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.