NEW YORK, June 15, 2010 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Intelligroup, Inc. ("Intelligroup" or the "Company") (OTCBB:ITIG) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to NTT DATA Corporation ("NTT DATA"). Under the terms of the transaction, Intelligroup shareholders will receive $4.65 in cash for each Intelligroup share of common stock they own for a total transaction value of approximately $199 million.
The investigation concerns whether the Intelligroup Board of Directors breached their fiduciary duties to Intelligroup stockholders by failing to adequately shop the Company before entering into this transaction and whether NTT DATA is underpaying for Intelligroup shares, thus unlawfully harming Intelligroup stockholders. In connection with the offer, SB Asia Infrastructure Fund, LP and Venture Tech Assets Private Ltd, that collectively hold approximately 63% of the Company's outstanding common stock, have agreed to tender their shares into the offer.
If you own common stock in Intelligroup and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/intelligroup-itig.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.