Logility, Inc. Investor Investigation
Investigation on behalf of certain current investors of Logility, Inc. (Public, NASDAQ:LGTY) over possible breach of fiduciary duty by the LGTY board of directors – Contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com
SAN DIEGO, CA (May 26, 2009) – An investigation on behalf of current investors in Logility, Inc. (Public, NASDAQ:LGTY), who purchased their LGTY shares before March 18, 2009, over potential breaches of fiduciary duty by the board of directors of Logility, Inc.
If you currently hold Logility, Inc. (NASDAQ:LGTY) and purchased your LGTY shares before March 18, 2009, you have certain options and you should contact the Shareholders Foundation, Inc immediately at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 – 1554
According to the investigation by a law firm the investigation focuses into the circumstances surrounding the acquisition of Logility, Inc (NasdaqGM: LGTY) by American Software Inc. On May 18, 2009 American Software Inc. announced that it intended to purchase up to all the outstanding common stock of Logility, Inc. (NASDAQ: LGTY) not currently owned by American Software at a price of $5.10 per share net to the seller in cash, without interest. The $5.10 offer price represented a premium of 2% when compared to the March 18, 2009 closing price of $5.00 per share. American Software announced that it owned by March 18, 2009 approximately 88% of the outstanding common stock of Logility. Then on May 20, 2009 American Software, Inc., announced that it had increased its offer price to acquire the remaining 12% stake in Logility, Inc. from $5.10 per share in cash to $7.02 per share in cash.
The transaction, so the investigation, appears to be unfair because Logility shares traded as high as $7.20 as recently as September 16, 2008 and an analyst set a $10.40 price for Logility shares. Furthermore, American Software already owns an 88 percent stake in Logility so the transaction appears to be a foregone conclusion, so the investigation.
Logility, Inc., incorporated in 1996 and located in Atlanta, GA, provides supply chain management (SCM) solutions to streamline the market planning, management, production, and distribution of products for manufacturers, suppliers, distributors and retailers. Logility had $43.76million in total revenue with $5.99million net income in 2007 and $44.91million in total revenue with $6.03million net income in 2008. Shares of Logility, Inc (NASDAQ:LGTV) closed on Friday, May 22, 2009 at $ 6.97 per share, down from a 52weekHigh of $7.77 per share and $14.73 per share in 2007.
If you currently hold Logility, Inc. (NASDAQ:LGTY) and purchased your LGTY shares before March 18, 2009, you have certain options and you should contact the Shareholders Foundation, Inc immediately at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 – 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423 –
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
Source: Logility
