Several investigations were announced on behalf of current investors of iBasis, Inc. (Public, NASDAQ:IBAS, who purchased the shares before July 13, 2009, over potential breaches of fiduciary duty and other violations of state law in connection with an alleged unfair takeover price.

The investigation by a law firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of iBasis, Inc. (NASDAQ:IBAS) arising out of their attempt to sell iBasis, Inc. to Royal KPN N.V. iBasis, Inc. (NASDAQ: IBAS) announced on July 13, 2009 that its Board of Directors has received a letter from Royal KPN N.V. indicating its intention to commence a tender offer to increase KPN's equity ownership to up to 100% at an offer price of $1.55 per share in cash. iBasis said it anticipates that its Board of Directors will form a special committee of independent directors to consider the matter.

KPN currently has a 56.3% stake in iBasis. But according to the investigation the transaction appears to be unfair to current investors of iBasis, Inc. (Public, NASDAQ:IBAS) given that iBasis shares traded at $1.62 per share on May 12, 2009 and as high as $3.48 per share in the fourth quarter of 2008 and whether KPN, as a controlling shareholder of iBasis, has breached its fiduciary duties to the minority shareholders of iBasis. Shares of iBasis, Inc. (Public, NASDAQ:IBAS) traded at $1.86 per share after the announcement, significantly above the offered price. IBAS shares reached a 52weekHigh of $4.44 per share and $10.75 per share in 2007. During the dot com bubble IBAS shares reached $268 per share.

iBasis, Inc., located in Burlington, MA, is a wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services and enhanced services for mobile operators. The Company's operations consist of wholesale trading business (Trading), in which it connects buyers and sellers of international telecommunications services, and retail services business (Retail). iBasis, Inc. (Public, NASDAQ:IBAS) reported in 2007 Total revenue of $938.56million with a Net Income of $16.12million and in 2008 Total Revenue of $1.32359billion.