The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Transcend Services, Inc. (“Transcend”) (NASDAQ: TRCR) and other violations of state law by the board of directors of Transcend relating to the proposed acquisition of the company by Nuance Communications, Inc. (“Nuance”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On March 7, 2012, Transcend and Nuance announced that they had entered into a definitive agreement providing for Nuance to acquire Transcend for approximately $300 million. Under the terms of the merger agreement, Transcend shareholders will receive $29.50 for each share of Transcend common stock held. However, according to Yahoo! Finance, at least one analyst has set a high price target of $34.00 per share. Additionally, Transcend shares have sold above the deal price, at $29.92, as recently as July 6, 2011. The tender offer is expected to commence on or before March 20, 2012.
If you currently own shares of Transcend 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
, 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.