An investigation on behalf of current investors I-Many, Inc. (NASDAQ: IMNY), who purchased the IMNY shares before April 29, 2009, over possible breaches of breaches of fiduciary duty and other violations of state law by the Board of Directors of I-Many, Inc.

According to the investigation by a law firm the investigation focuses on potential shareholder claims against the board of directors of I-many, Inc. arising out of their attempt to sell I-Many, Inc to LLR Partners. LLR Partners and I-many, Inc. announced on April 29, 2009 a definitive merger agreement under which LLR Partners will acquire I-many for approximately $0.43 per share in cash. The transaction is valued at $36 million, including consideration payable to holders of options and warrants, or approximately $23.3 million net of I-Many's debt and transaction-related expenses, as set forth in the merger agreement. The price offered appears to be unfair to I-many shareholders, so the investigation, given that I-Many's stock IMNY was trading at over $0.80 a share as recent as September 2008 and currently analysts are valuing I-many at $0.50 per share, which represent $0.07 per share more than the current offered price.

I-many, Inc., provides software solutions and related professional services that allow customers to manage their contract-based, business-to-business relationships through the entirety of the contract management lifecycle. I-many, Inc. is located in Edison, New Jersey and had $40.55million in total revenue in 2007 and $34.40million in total revenue in 2008. Shares of I-many, Inc (NASDAQ: IMNY) recently traded at $0.406 per share, down from $1.68 per share within the 52weekHigh and over $3 per share in 2008. Shares of I-Many reached in 2002 almost $9 per share, down from almost $22 per share in 2001. I-Many shares reached an all-time high in 2000 with $26.62 per share.