Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Iowa Telecom Services, Inc. - IWA
24 Novembro 2009 - 2:23PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Iowa Telecom Services, Inc. (“Iowa Telecom” or the “Company”)
(NYSE: IWA) for possible breaches of fiduciary duty and other
violations of state law in connection with their attempt to sell
the Company to Windstream Corporation ("Windstream") (NYSE: WIN).
Under the terms of the transaction, Iowa Telecom shareholders will
receive $7.90 in cash and 0.804 shares of Windstream common stock
for each share of Iowa Telecom they own. Based on the closing price
of Windstream on November 23, 2009, the transaction values Iowa
Telecom shares at approximately $16.04, for a total transaction
value of approximately $1.1 billion, including the assumption of
debt.
The investigation concerns whether the Iowa Telecom Board of
Directors breached their fiduciary duties to Iowa Telecom
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Windstream is
underpaying for Iowa Telecom shares, thus unlawfully harming Iowa
Telecom stockholders.
If you own common stock in Iowa Telecom and wish to obtain
additional information, please contact us at the number listed
below or visit http://www.zlk.com/iwa1.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.
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