SOURCE: LECG Corporation

LECG Corporation

February 16, 2010 16:10 ET

LECG Corporation Provides Update on SMART Merger Timing

EMERYVILLE, CA--(Marketwire - February 16, 2010) -  LECG (NASDAQ: XPRT), a global expert services firm, today announced that the parties have agreed to an extension of the termination date provided in the merger agreement with SMART Business Advisory & Consulting, LLC. The merger was approved by the LECG stockholders in December, and had been expected to close in February 2010. The parties agreed to extend the termination date from February 15, 2010 to March 31, 2010 to give the Company and SMART additional time to negotiate a credit facility for the combined companies in connection with the closing of the merger. The Company and SMART are currently negotiating the terms of such a credit facility with their lenders, and expect to conclude those negotiations and to close the merger during March.

About LECG

LECG, a global expert services and consulting firm, with approximately 700 experts and professionals in 32 offices around the world, provides independent expert testimony, financial advisory services, original authoritative studies, and strategic advisory services to clients including Fortune Global 500 corporations, major law firms, and local, state, and federal governments and agencies worldwide. LECG's highly credentialed experts and professional staff conduct economic and financial analyses to provide objective opinions and advice regarding complex disputes and inform legislative, judicial, regulatory, and business decision makers. LECG's experts are renowned academics, former senior government officials, experienced industry leaders, and seasoned consultants.


SMART Business Advisory and Consulting ( is a premier, full-service independent provider of financial advisory and business consulting services, serving clients throughout the US and the UK. SMART offers innovative solutions to public and private companies in the areas of financial advisory and business consulting, technology, business process improvement, audit and accounting*, compensation and benefits, actuarial, and tax. *Audit services are provided through SMART and Associates, LLP through an alternative practice structure.

About Great Hill Partners

Great Hill Partners, LLC is a private equity firm that manages over $2.5 billion in capital and focuses on investing in growth companies operating in the business and consumer services, media, transaction processing and software industries. Great Hill Equity Partners III, L.P. and its affiliates target equity investments of $50 million to $150 million. For more information, please visit the Great Hill Partners web site at

Forward-Looking Statements

Statements concerning the pending merger and equity financing transactions and future business, operating and financial condition of the company, including expectations regarding the timing or completion of the transactions, and statements using the terms "believes," "expects," "will," "could," "plans," "anticipates," "estimates," "predicts," "intends," "potential," "continue," "should," "may," or the negative of these terms or similar expressions are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expectations. Risks that may affect actual performance include the ongoing economic downturn and adverse economic conditions, the availability and terms of bank credit facilities, dependence on key personnel, the company's ability to integrate new experts and practice areas successfully, intense competition, and potential professional liability, the company's ability to integrate the operations of SMART, the failure to achieve the costs savings and other synergies LECG expects to result for the transactions, the outcome of any legal proceedings instituted against the company, SMART and others in connection with the transactions, the failure of the transactions to close for any reason, the amount of the costs, fees, expenses and charges relating to the transactions, business uncertainty and contractual restrictions prior to the closing of the transactions, the effect of war, terrorism or catastrophic events, stock price, foreign currency exchange and interest rate volatility. Various factors could cause the closing of the transaction to be delayed from the company's current expectations, such as difficulties in arranging the necessary bank financing, or conditions in the credit markets. Further information on these and other potential risk factors that could affect the company's financial results is included in the company's filings with the Securities and Exchange Commission. The company undertakes no obligation to update any of its forward-looking statements after the date of this press release.

Contact Information

  • Investor Contacts
    Steven R. Fife
    Chief Financial Officer

    Annie Leschin
    Investor Relations