BALA CYNWYD, Pa., May 21, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Data Domain Inc. ("Data Domain" or the "Company") (Nasdaq:DDUP) relating to the proposed acquisition by NetApp, Inc., (Nasdaq:NTAP). NetApp has agreed to acquire Data Domain in a deal valued at approximately $1.5 billion.
On a conference call, NTAP CFO Steve Gomo said each DDUP share will be exchanged for $11.45 in cash and 0.75 KTAP shares. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Data Domain board's approval of the proposed merger. The transaction appears to be unfair, in part, given that Data Domain stock was trading at $24.82 a share as recently as June 25, 2008 and the merger agreement represents a negligible premium.
If you own shares of Data Domain and wish to discuss the legal ramifications of the proposed acquisition by NetApp, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.