SRA International, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Affiliate of Providence Equit...
April 01 2011 - 11:52AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of SRA International, Inc. (“SRA
International” or “SRX”) (NYSE: SRX) related to the proposed buyout
of SRA International by an affiliate of the private equity firm
Providence Equity Partners (“Providence”). The going private
agreement, which was announced on April 1, 2011, involves an
all-cash transaction valued at approximately $1.88 billion. Under
the proposed buyout, SRA International shareholders will receive
$31.25 in cash for each share of SRA International/SRX common stock
they hold.
The investigation relates to the fairness of the proposed
transaction to SRA International shareholders and whether SRA
International’s Board of Directors acted in the shareholders’ best
interests. Although the acquisition price represents an approximate
10% premium over SRA International’s closing price the day before
the buyout announcement, based on the company’s historic stock
price and other factors, the firms do not believe that the
acquisition price is fair to SRA International shareholders. In
addition, at least two other private equity firms reportedly
expressed interest in acquiring SRA International in March. The
firms seek to determine through their investigation whether SRA
International’s Board of Directors adequately considered all viable
alternatives and properly shopped the company before entering into
the acquisition agreement with Providence.
If you currently own shares of SRA International/SRX and would
like additional information regarding this investigation, or if you
have information regarding the allegations involved in this
transaction, please 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 toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters
nationwide, including claims of investor and stockholder fraud,
shareholder oppression, shareholder derivative suits, and security
class actions.
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