NEW YORK, Jan. 22, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Interwoven, Inc. ("Interwoven" or the "Company") (Nasdaq:IWOV) arising out of their attempt to sell the Company to Autonomy Corporation plc. Under the terms of the agreement, shareholders of Interwoven will receive $16.20 cash for each share of Interwoven they own. The transaction is unfair, given that, among other things, the Company's shares traded above $16 per share as recently as August 2008 and the Company reported significant earnings per share improvement and a 90.5% increase in net income in the most recent quarter as compared to the same quarter last year. Also, the sales process the Company conducted was flawed given that, in contravention of their fiduciary duties to maximize shareholder value, the Company's Board agreed to a "no-solicitation" provision and a $25 million termination fee which will ensure no superior offer will ever be forthcoming. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in Interwoven and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/iwov.html
L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.