Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Iowa Telecom Services, Inc. - IWA

NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky is investigating the Board of Directors of Iowa Telecom Services, Inc. (“Iowa Telecom” or the “Company”) (NYSE: IWA) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Windstream Corporation ("Windstream") (NYSE: WIN). Under the terms of the transaction, Iowa Telecom shareholders will receive $7.90 in cash and 0.804 shares of Windstream common stock for each share of Iowa Telecom they own. Based on the closing price of Windstream on November 23, 2009, the transaction values Iowa Telecom shares at approximately $16.04, for a total transaction value of approximately $1.1 billion, including the assumption of debt.

The investigation concerns whether the Iowa Telecom Board of Directors breached their fiduciary duties to Iowa Telecom stockholders by failing to adequately shop the Company before entering into this transaction and whether Windstream is underpaying for Iowa Telecom shares, thus unlawfully harming Iowa Telecom stockholders.

If you own common stock in Iowa Telecom and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/iwa1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
212-363-7500
Fax: 212-363-7171
www.zlk.com