Kendall Law Group Announces Complaint Against Data Domain Board
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DALLAS, TX, Jun 16 (MARKET WIRE) --
Kendall Law Group, led by a former Federal Judge and US Attorney,
announces that a complaint has been filed against the Board of Data
Domain, NetApp, and their acquisition entities. The complaint, filed in
the Delaware Chancery Court, alleges that Data Domain's Board (NASDAQ:
DDUP) has refused a $30 per share all cash offer from EMC Corporation.
Instead, the Board has decided to accept the offer of NetApp Inc., which
imposed a "no-shop" provision and a $57 million termination fee on Data
Domain.
EMC's all-cash proposal is superior to the proposed NetApp transaction
providing Data Domain stockholders greater value and certainty. EMC's
proposal is not subject to a financing or due diligence contingency, and
the company will use existing cash balances to finance the transaction.
The EMC Board of Directors unanimously approved the proposal.
Data Domain, Inc. is located in Santa Clara, California and had $123.62
million in total revenue in 2007 and $274.08 million in total revenue with
a net income of $21.59 million in 2008. Shares of Data Domain, Inc. closed
at $17.91 per share on Wednesday, May 20, 2009, but traded after hours at
$23.98 per share. DDUP shares were down from a 52-week high of $25.16 per
share and reached $39.24 per share in October 2007.
Although Kendall Law Group has not yet filed a complaint against Data
Domain or its Board of Directors, Kendall Law Group has had tremendous
success representing investors against companies and boards of directors
accused of securities violations. For more information about shareholder
rights, please contact attorney Hamilton Lindley at 877-744-3728 or by
email at hlindley@kendalllawgroup.com.
Copyright 2009, Market Wire, All rights reserved.
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