The Law Firm of Brodsky & Smith Investigates Data Domain Acquisition by NetApp…

Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Data Domain, Inc. relating to the proposed acquisition by NetApp, Inc. NetApp has agreed to acquire Data Domain in a deal valued at approximately $1.5 billion.

On a conference call, NTAP CFO Steve Gomo said each DDUP share will be exchanged for $11.45 in cash and 0.75 KTAP shares. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Data Domain board’s approval of the proposed merger. The transaction appears to be unfair, in part, given that Data Domain stock was trading at $24.82 a share as recently as June 25, 2008 and the merger agreement represents a negligible premium.