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The Law Offices of Vincent Wong Announce an Investigation into Possible Breaches of Fiduciary Duty by the Board of LoopNet, Inc

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^{Published in Business and Finance on Monday, May 2nd 2011 at 20:00 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--The Law Offices of Vincent Wong are investigating the Board of Directors of LoopNet, Inc. (Nasdaq: LOOP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to CoStar Group, Inc. (Nasdaq: CSGP). Under the terms of the deal, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar common stock per share for a transaction value of approximately $860 million.

The investigation concerns whether the LoopNet Board of Directors breached their fiduciary duties to LoopNet stockholders by failing to adequately shop the Company before entering into this transaction and whether CoStar Group, Inc. is underpaying for LoopNet shares.

If you own common stock in LoopNet and wish to obtain additional information, please contact Vincent Wong, Esq. either via email [ vw@wongesq.com ], by telephone at 212.584.2740, or visit [ http://www.wongesq.com/loopnet.html ].

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.