DALLAS, Feb. 22, 2012 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe
and the securities litigation firm of Powers Taylor, LLP are
investigating the sale of ATS Corporation (NYSE AMEX: ATSC) to
Salient Federal Solutions, Inc. for shareholders. Under the
proposed transaction, ATS Corporation shareholders will receive
$3.20 in cash for each share of ATS
Corporation/ATSC stock owned, which is below the closing price of
ATSC shares the day prior to the merger announcement and well below
the price that ATSC shares were trading as recently as early
February 2012.
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If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
The definitive merger agreement involves an all cash transaction
with a total equity value of approximately $77 million. The transaction will commence
with a cash tender offer no later than February 28, 2012.
The investigation centers on whether ATS Corporation
shareholders are receiving adequate compensation for their shares
in the buyout, whether the transaction undervalues ATS Corporation
stock, and whether ATS Corporation's board attempted to obtain the
highest share price for all shareholders prior to agreeing to the
deal. Specifically, the acquisition price is less than the
closing price of ATSC shares the day prior to the buyout
announcement, and ATS Corporation shares closed as high as
$4.75 per share as recently as
June 24, 2011. According to
shareholder rights attorney Willie
Briscoe, "Because of the fact that the tender price is less
than the recent closing price of ATSC shares, the lack of any
premium to the shareholders, cash bonuses to members of ATSC's
Board of Directors, other factors, we believe that the transaction
significantly undervalues ATS Corporation stock. Our lawsuit
will seek to obtain the highest share price for all
shareholders."
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP