Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Protection One, Inc. - PONE
26 Abril 2010 - 11:45AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Protection One, Inc. (“Protection One” or the “Company”) (NasdaqGM:
PONE) for possible breaches of fiduciary duty and other violations
of state law in connection with their attempt to sell the Company
to private equity firm GTCR LLC ("GTCR"). Under the terms of the
transaction, Protection One shareholders will receive $15.50 in
cash for each Protection One share of common stock they own for a
total transaction value of approximately $828 million, including
the assumption of debt.
For the quarter ending December 31, 2009, Protection One
reported total revenue of $90.344 million and net income of $22.965
million as compared to total revenue and a net loss of $92.560
million and $122 thousand, respectively, for the prior quarter. The
investigation concerns whether the Protection One Board of
Directors breached their fiduciary duties to Protection One
stockholders by failing to adequately shop the Company before
entering into this transaction and whether GTCR is underpaying for
Protection One shares, thus unlawfully harming Protection One
stockholders.
If you own common stock in Protection One and wish to obtain
additional information, please contact Joseph E. Levi, Esq. either
via email at jlevi@zlk.com or by telephone at (212) 363-7500 or
visit http://www.zlk.com/protection-one-pone.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.
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