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Phoenix Technologies Ltd.   Securities Litigation
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Phoenix Technologies Ltd.   (NasdaqGM: PTEC)   shareholder litigation in
connection with alleged unfair takeover offer

On August 18, 2010, Phoenix Technologies Ltd. (“Phoenix Technologies” or the
“Company”)  announced that it had agreed to sell the Company to Marlin Equity
Partners ("Marlin") in a going private transaction. Under the terms of the transaction,
Phoenix Technologies shareholders will receive $3.85 in cash for each Phoenix
Technologies share of common stock they own for a total transaction value of
approximately $139 million.

The investigation concerns whether the Phoenix Technologies Board of Directors
breached their fiduciary duties to Phoenix Technologies stockholders by failing to
adequately shop the Company before entering into this transaction and whether
Marlin is underpaying for Phoenix Technologies shares, thus unlawfully harming
Phoenix Technologies stockholders.  In particular, at least one analyst set a price
target for Phoenix Technologies stock at $4.00 per share.
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