Rigrodsky & Long, P.A. Continues Its Investigation of SRA International, Inc.’s Sale to Providence Equity Partners for Shar...
20 Abril 2011 - 4:47PM
Business Wire
Rigrodsky & Long, P.A. announces that it is continuing its
investigation of potential claims against the board of directors of
SRA International, Inc. (“SRA” or the “Company”) (NYSE: SRX)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired and taken private by Providence Equity Partners in a
transaction valued at approximately $1.88 billion. Click here to
learn how to join the action:
http://www.rigrodskylong.com/news/SRAInternational-SRX.
Under the proposed agreement, SRA shareholders will receive
$31.25 in cash for each share of SRA common stock they own.
The investigation concerns whether SRA’s board of directors
failed to adequately shop the Company and obtain the best price
possible for SRA’s shareholders before entering into the agreement
with Providence Equity Partners. Indeed, SRA Founder and Chairman,
Ernst Volgenau, who owns a total of approximately 11.8 million
shares of SRA Class A and Class B common stock, representing 21% of
total shares outstanding and 71% of voting rights, has already
agreed to vote his shares for approval of the merger.
As recent as February 8, 2011, SRA announced its financial
results for the second quarter of 2011 wherein it reported that
revenue was up 5% year-over-year. SRA President and CEO Stan Sloane
said that the Company’s “pipeline of opportunities in the Federal
market is robust. We are taking proactive steps to ensure our
continued competitiveness, and are committed to delivering organic
growth.” SRA Executive Vice President and CFO Rick Nadeau added,
“[o]perating cash flow was strong in the quarter. We completed the
acquisition of Platinum Solutions in November, and completed the
quarter with approximately $60 million in cash and no debt.”
If you own the common stock of SRA and purchased your shares
before April 1, 2011, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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