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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:
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
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.
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