The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of TLGD

Levi & Korsinsky is investigating the Board of Directors of Tollgrade Communications (“Tollgrade” or the “Company”) (Nasdaq: TLGD) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to an affiliate of Golden Gate Capital.

New York, NY, February 24, 2011 -- Levi & Korsinsky is investigating the Board of Directors of Tollgrade Communications (“Tollgrade” or the “Company”) (Nasdaq: TLGD) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to an affiliate of Golden Gate Capital. Under the terms of the transaction, Tollgrade shareholders will receive $10.10 in cash per common share of Tollgrade stock they own for a total transaction value of approximately $137 million.

Click here to learn more about the investigation: http://www.zlk.com/tollgrade-communications-tlgd.html, or call: 877-363-5972.

The investigation concerns whether the Tollgrade Board of Directors breached their fiduciary duties to Tollgrade stockholders by failing to adequately shop the Company before entering into this transaction and whether Golden Gate Capital is underpaying for Tollgrade shares, thus unlawfully harming Tollgrade stockholders. In particular, Tollgrade stock traded as high as $10.20 per share as recently as February 16, 2011.

If you own common stock in Tollgrade and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/tollgrade-communications-tlgd.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. 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 - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation

Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St, 15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
http://www.zlk.com

This release was published on openPR.