NEW YORK, Oct. 23, 2009 (GLOBE NEWSWIRE) -- Tripp Levy PLLC announces that a lawsuit has been filed in connection with the proposed acquisition of iPCS, Inc. (Nasdaq:IPCS). On October 19, 2009, Sprint Nextel Corp. ("Sprint) announced that it would acquire iPCS in an all-cash offer. Under the terms of the agreement, iPCS stockholders will receive cash of $24 in exchange for each share of IPCS common stock.
The lawsuit concerns whether the consideration to be paid to iPCS shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of iPCS. The lawsuit further concerns whether Sprint, with its control over iPCS, as well as certain members of iPCS may have breached their fiduciary duties by not acting in iPCS shareholders' best interests in connection with the sale process of iPCS. The lawsuit seeks to enjoin the proposed acquisition from commencing as a result of alleged breaches of fiduciary duties and unfair consideration.
If you are a current holder of iPCS and would like additional information concerning this lawsuit, including your rights, please feel free to contact us at the information below: