Faruqi & faruqi, llp announces investigation of loopnet, inc. - loop

New york--(business wire)--faruqi & faruqi, llp, a leading national securities firm headquartered in new york city, is investigating the board of directors of loopnet, inc. (“loopnet” or the “company”) (nasdaqgs: loop) for potential breaches of fiduciary duties in connection with their duty to disclose material information in the definitive proxy (“proxy”) filed with the s.e.c. on june 7, 2011. the proxy is seeking to get shareholders’ approval of the sale of the company to costar group, inc. (“costar”) (nasdaqgs: csgp) and to set a shareholder vote on july 11, 2011. on april 27, 2011, the commercial real estate data provider, costar, announced that it entered into an agreement to purchase the company for approximately $860 million in cash and stock. in accordance with the terms of the agreement, loopnet shareholders will receive $16.50 a share in cash and 0.03702 shares of costar stock for each share owned if the acquisition occurs. request more information now by clicking here: www.faruqilaw.com/loop whether the loopnet’s board of directors breached their fiduciary duties to loopnet’s stockholders by failing to disclose all material information in the proxy; whether it failed to maximize shareholder value and if so by how much the sale undervalues the company to the detriment of are the key focus of this investigation. faruqi & faruqi, llp is a national law firm which represents investors and individuals in class action litigation. the firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. the firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients. if you own common stock in loopnet and wish to obtain additional information, please visit us at www.faruqilaw.com/loop or contact juan e. monteverde, esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330. attorney advertising. (c) 2011 faruqi & faruqi, llp. the law firm responsible for this advertisement is faruqi & faruqi, llp (www.faruqilaw.com). prior results do not guarantee or predict a similar outcome with respect to any future matter. we are happy to discuss your particular case.
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