Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Psychiatric Solutions, Inc. - PSYS
17 Mayo 2010 - 1:48PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Psychiatric Solutions, Inc. (“Psychiatric Solutions” or the
“Company”) (NasdaqGS: PSYS) for possible breaches of fiduciary duty
and other violations of state law in connection with their attempt
to sell the Company to Universal Health Services, Inc. ("UHS")
(NYSE: UHS). Under the terms of the transaction, Psychiatric
Solutions shareholders will receive $33.75 in cash for each
Psychiatric Solutions share of common stock they own for a total
transaction value of approximately $3.1 billion, including the
assumption of debt.
For the quarter ending March 31, 2010, Psychiatric Solutions
reported total revenue of $475.956 million and net income of
$28.213 million as compared to total revenue and net income of
$456.827 million and $27.675 million, respectively, for the prior
quarter. The investigation concerns whether the Psychiatric
Solutions Board of Directors breached their fiduciary duties to
Psychiatric Solutions stockholders by failing to adequately shop
the Company before entering into this transaction and whether UHS
is underpaying for Psychiatric Solutions shares, thus unlawfully
harming Psychiatric Solutions stockholders. In particular, the
offer price is only a nominal premium to the $33.00 share price
Psychiatric Solutions stock traded as recently as May 6, 2010 and
at least one analyst set a price target for Psychiatric Solutions
stock at $34.00 per share.
If you own common stock in Psychiatric Solutions 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/psychiatric-solutions-psys.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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