DALLAS, Dec. 9, 2011 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Blue Coat Systems, Inc. ("Blue Coat Systems" or "BCSI") (NASDAQ: BCSI) to an investor group led by the private equity firm Thoma Bravo, LLC. Under the proposed going-private agreement, Blue Coat Systems shareholders will receive only $25.81 in cash for each share of Blue Coat Systems/BCSI stock owned, which is well below the price that Blue Coat Systems shares traded as recently as May 2011 and significantly lower than analysts' target prices for the company.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction valued at approximately $1.3 billion. The transaction is expected to close in the first calendar quarter of 2012.The investigation centers on whether Blue Coat Systems shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Blue Coat Systems' stock, and whether Blue Coat Systems' board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to shareholder rights attorney Willie Briscoe, "Based on the fact that Blue Coat Systems shares closed well above $27.00 per share as recently as May 4, 2011, and the fact that analysts have set the target price for Blue Coat Systems/LAVA shares at up to $28.00 per share, we are concerned that the transaction may significantly undervalue Blue Coat Systems stock. Our lawsuit will seek to obtain the highest share price for all shareholders." The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.