NEW YORK, May 21, 2009 (GLOBE NEWSWIRE) -- The law firm of Levi & Korsinsky LLP ("L&K") has initiated an investigation into the circumstances surrounding the proposed acquisition of Pomeroy IT Solutions, Inc. ("Pomeroy" or the "Company") (Nasdaq:PMRY) by Hebron LLC, a holding company owned by Pomeroy's founder, David B. Pomeroy, II, who is also a Company director. L&K is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of Pomeroy arising out of their agreement to allow Hebron LLC to acquire all of the outstanding common stock of Pomeroy not owned by Mr. Pomeroy and his wife for $5.02 per share. The deal is valued at approximately $49 million.
The transaction appears to be unfair given that, among other things, the Company's book value is $7.68 per share, total cash on hand is approximately $3.41 per share, and the Company generates revenues of approximately $565 million per year. Thus, the price agreed to by the Board appears to offer no price premium, but on the contrary, asks the Company's shareholders to accept a significant discount to the Pomeroy's book value.
If you own common stock in Pomeroy and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/pmry1.html
L&K has extensive experience in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.