Tollgrade Settles Shareholder Spat

Tollgrade Communications agrees to settle shareholder litigation

April 28, 2011

1 Min Read

CRANBERRY TOWNSHIP, Pa. -- Tollgrade Communications, Inc. ("Tollgrade" or the "Company") (Nasdaq:TLGD) today announced that Tollgrade and other named defendants have reached an agreement in principle with plaintiffs to settle two putative class action lawsuits, subject to court approval. These lawsuits relate to the proposed merger of the Company with a wholly-owned subsidiary of Talon Holdings, Inc., which in turn is a wholly-owned subsidiary of investment funds managed by Golden Gate Private Equity, Inc.

Pursuant to this agreement, the Company has filed a proxy statement supplement with the Securities and Exchange Commission, which can be accessed free of charge at the SEC's website at www.sec.gov, or from the Company's website, www.tollgrade.com. The proxy statement contains certain additional disclosures the Company agreed to make in connection with the settlement of the lawsuits, although the Company has not admitted in any way that those disclosures are material or otherwise required by law. The settlement will not affect the merger consideration of $10.10 per share in cash for each of the approximately 13.1 million shares of Tollgrade common stock outstanding.

Tollgrade Communications Inc.

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