Investor Sues To Block Citigroup Unit's $307M Ness Buy

Law360, Wilmington (June 15, 2011, 5:32 PM EDT) -- A Ness Technologies Inc. investor lodged a class action in Delaware state court Wednesday seeking to block a $307 million bid for the Israeli information technology company by the venture capital division of Citigroup Inc., saying the deal shortchanges shareholders.

Ness’ board breached their fiduciary duties to shareholders in approving a deal that fails to account for the company’s future earnings and growth potential, according to plaintiff Sanjay Israni.

“Clearly defendants are seeking to engage in a transaction that secures an opportunity to benefit from the...
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