The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of GTSI Corp. (NASDAQ: GTSI) (“GTSI”) and other violations of state law by the board of directors of GTSI relating to the proposed acquisition of the company by UNICOM Systems, Inc. (“UNICOM”) The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On May 7, 2012, GTSI announced that it had entered into a definitive agreement providing for UNICOM to acquire GTSI for $76.67 million. Under the terms of the merger agreement, GTSI shareholders will receive $7.75 for each share of GTSI common stock held.
According to the press release, GTSI’s largest shareholder, Linwood (Chip) Lacy, who is also a director, a related entity, and another director have already agreed to vote their shares in favor of the transaction. Mr. Lacy and such related entity beneficially own approximately 17% of GTSI’s common stock.
If you currently own shares of GTSI 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.