NEW YORK, Oct. 19, 2009 (GLOBE NEWSWIRE) -- The law firm of Harwood Feffer LLP is investigating possible breaches of fiduciary duty by the Board of Directors of iPCS, Inc. ("iPCS") (Nasdaq:IPCS) arising out of the proposed acquisition of iPCS by Sprint Nextel Corp. ("Sprint Nextel") (NYSE:S).
On Monday, October 19, 2009, Sprint Nextel announced it would buy iPCS for about $831 million, including the assumption of $405 million of net debt. Under the terms of the agreement, Sprint will commence a cash tender offer to buy all of iPCS' outstanding common shares for $24 per share. However, iPCS may not have adequately shopped itself around before entering into this transaction and, pursuant to this proposed transaction, Sprint Nextel may be underpaying for iPCS, thus unlawfully harming iPCS shareholders.
Harwood Feffer LLP has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in U.S. federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
If you own iPCS common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
James G. Flynn, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10016
Phone Numbers: (877) 935-7400
(212) 935-7400
Email: jflynn@hfesq.com
Website: http://www.hfesq.com
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