Robbins Umeda LLP Announces an Investigation of ATS Corporation
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of ATS Corporation (NYSE AMEX: ATSC) in connection with their efforts to sell the company to Salient Federal Solutions, Inc. Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On February 21, 2012, ATS Corporation announced that it had entered into a definitive merger agreement pursuant to which Salient Federal Solutions will acquire all outstanding shares of the company through a cash tender offer. According to the terms of the deal, ATS Corporation shareholders will receive $3.20 for each share of the company they own. The tender offer will commence no later than February 28, 2012. The transaction is expected to close late in the first quarter or early in the second quarter of 2012.
Robbins Umeda LLP’s investigation focuses on whether ATS Corporation’s board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s recent performance. As recently as February 17, 2012, shares of ATS Corporation closed above the price being offered by Salient Federal Solutions. Furthermore, within in the last year, shares of ATS Corporation have closed as high as $4.75 per share, considerably higher than the price being offered as a part of the proposed transaction.
Additionally, Robbins Umeda is investigating whether self-dealing and other guarantees played a part in the decision by ATS Corporation to enter into the agreement with Salient Federal Solutions. According to the terms of the deal, members of ATS Corporation’s board of directors are slated to receive one-time cash bonuses conditioned on the successful consummation of the transaction.
Robbins Umeda attorneys highlight that ATS Corporation shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.