Law Firm Brower Piven Announces Investigation in Connection With the Acquisition of SRS Labs, Inc. by DTS, Inc.
April 17 2012 - 12:21PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of SRS Labs, Inc. (“SRS”) (NASDAQ: SRSL)
and other violations of state law by the board of directors of SRS
relating to the proposed acquisition of the company by DTS, Inc
(“DTS”). The firm’s investigation seeks to determine, among other
things, whether the board breached its fiduciary duties by failing
to maximize shareholder value.
On April 17, 2012, DTS and SRS announced that they had entered
into a definitive agreement providing for DTS to acquire SRS in a
cash-and-stock transaction valued at approximately $148 million.
Under the terms of the agreement, SRS shareholders may elect to
receive either $9.50 per share in cash or a fixed ratio of 0.31127
shares of DTS common stock for every share of SRS common stock they
own. However, according to Yahoo! Finance, at least one analyst has
set a high price target of $10.00 per share.
SRS Labs’ chairman, CEO and president, Thomas C.K. Yuen, and
certain of his family members and affiliates, who together hold
approximately 20% of the outstanding SRS shares, have already
agreed to vote in favor of the merger.
If you currently own shares of SRS and would like to learn more
about the investigation being conducted by Brower Piven, you may
email or call Brower Piven, who will, without obligation or cost to
you, attempt to answer your questions. You may contact Brower Piven
by email at hoffman@browerpiven.com, by calling (410) 415-6616, or
at Brower Piven, A Professional Corporation, 1925 Old Valley Road,
Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and other class action cases of
over 60 years.
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