Rigrodsky & Long, P.A. Announces Investigation of Phase Forward Incorporated

							Rigrodsky & Long, P.A. Announces Investigation
of Phase Forward Incorporated
April 16, 2010 11:20 AM Eastern Daylight Time  

WILMINGTON, Del.--(EON: Enhanced Online News)--Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Phase Forward Incorporated (“Phase Forward” or the
“Company”) (Nasdaq: PFWD) concerning possible breaches of fiduciary duty and other violations of law related to
the Company’s entry into an agreement to be acquired by Oracle in a transaction valued at approximately $685
million.

Under the proposed agreement, Oracle will pay Phase Forward shareholders $17.00 per share for each share of
Phase Forward common stock outstanding. The investigation concerns whether Phase Forward’s board of directors
failed to adequately shop the Company and obtain the best price possible for Phase Forward’s shareholders before
entering into the agreement with Oracle. As recent as February 4, 2010, the Company announced its fourth quarter
and 2009 year end results wherein Bob Weiler, Phase Forward’s Chairman and CEO, commented, “[t]he fourth
quarter was a strong finish to a successful year for Phase Forward and was highlighted by revenue growth and non-
GAAP operating income that was at the high-end of our guidance.” Indeed, at least one analyst has set a price target
for Phase Forward of $18.00 per share.

If you own the common stock of Phase Forward and purchased your shares before April 15, 2010, if you have
information or would like to learn more about these claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth
D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N.
Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to
info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation,
including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and
federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Contacts
Rigrodsky & Long, P.A.
Seth D. Rigrodsky, Esquire
Noah R. Wortman, Case Development Director
888-969-4242
302-295-5310
Fax: 302-654-9430
info@rigrodskylong.com
http://www.rigrodskylong.com

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