Law Firm Brower Piven Announces Investigation In Connection With EResearchTechnology, Inc. Buyout
The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of eResearchTechnology, Inc. (Nasdaq: ERT) (“eResearchTechnology”) and other violations of state law by the board of directors of eResearchTechnology relating to the proposed buyout of the company by the private equity firm Genstar Capital LLC (“Genstar Capital”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On April 10, 2012, eResearchTechnology announced that it had entered into an agreement providing for Genstar Capital to acquire eResearchTechnology for approximately $400 million. Under the terms of the buyout transaction, eResearchTechnology shareholders will receive $8.00 for each share of eResearchTechnology common stock held. However, according to Yahoo! Finance, the median price target is $8.50 per share and at least one analyst has set a high price target of $11.00 per share. Further eResearchTechnology shares traded above the deal price as recently as April 3, 2012.
If you currently own shares of eResearchTechnology 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
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.
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