NEW YORK, Dec. 10, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Innotrac Corporation ("Innotrac" or the "Company") (Nasdaq:INOC) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to an affiliate of Sterling Partners. A complaint was filed in Georgia state court.
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Sterling Partners and Innotrac announced on November 14, 2013 that the companies have entered into a definitive merger agreement under which Sterling Partners will acquire all of the outstanding common stock of Innotrac for approximately $108 million. Under the terms of the transaction, Innotrac shareholders will receive $8.20 in cash for each share of Innotrac stock they own. The claims concern whether the Innotrac Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Sterling Partners is underpaying for Innotrac shares.
If you own Innotrac common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/innotrac-inoc/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Stamford, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP