NEW YORK, Nov. 15, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading securities and shareholder rights law firm that represents shareholders nationwide, announces that it is investigating the acquisition Innotrac Corporation (NASDAQ: INOC) ("Innotrac" or the "Company") on behalf of shareholders. It was announced that an affiliate of Sterling Partners has entered into a definitive merger agreement to acquire all of the outstanding shares of Innotrac of $8.20 per share in cash.
The investigation concerns whether the senior management and board of directors of Innotrac breached their fiduciary duties to shareholders by not engaging in a full and fair process to insure shareholders received the maximum value for their shares, while, at the same time, seeking to benefit themselves for their own self-interests. Indeed, Scott Dorfman, Innotrac's CEO, Chairman and largest shareholder, and other members of the Company's management will continue their leadership of the Company and will retain a significant equity position in the Company. Mr. Dorfman has also agreed to contribute all of his shares, representing 44% of the Company's outstanding stock to Sterling.
If you are a shareholder of Innotrac and would like additional information regarding this matter, at no cost or expense, please contact us at:
Tripp Levy PLLC is a leading securities and shareholder rights law firm that has extensive experience in mergers and takeovers, and has assisted in the recovery of millions of dollars for shareholders around the globe. Attorney advertising. Prior results do not indicate a similar outcome.
SOURCE Tripp Levy PLLC