Briscoe law firm investigates loopnet, inc. for shareholders concerning the sale of the company to costar group, inc.

Dallas--(business wire)--the briscoe law firm, pllc, founded by a former state prosecutor and enforcement attorney for the united states securities and exchange commission, and the securities litigation law firm of powers taylor, llp are investigating potential legal claims against the board of directors of loopnet, inc. (“loopnet” or “loop”) (nasdaq: loop) related to the buyout of loopnet by costar group, inc. (“costar”). the definitive merger agreement, which was announced on april 27, 2011, involves a cash and stock transaction valued at approximately $860 million. under the proposed buyout, loopnet shareholders will receive a fixed ratio of 0.03702 shares of costar common stock and only $16.50 in cash for each share of loopnet/loop common stock they hold. the transaction is expected to close by the end of 2011. the firms are investigating the fairness of the proposed transaction to loopnet shareholders and whether loopnet’s board of directors acted in the shareholders’ best interests. in addition, the firms are also investigating whether loopnet’s board of directors adequately considered all viable alternatives before entering into the agreement. if you currently own shares of loopnet/loop and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact patrick powers at powers taylor, llp, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or willie briscoe at the briscoe law firm, pllc toll free (877) 397-5991, or via email at wbriscoe@thebriscoelawfirm.com. there is no cost or fee to you. the briscoe law firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters. powers taylor, llp is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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