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

Copyright 2012 PR Newswire

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