Faruqi & Faruqi, LLP Announces Investigation Regarding The Acquisition Of GTSI Corp.
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of GTSI Corp. (“GTSI” or the “Company”) (NASDAQ: GTSI) for potential breaches of fiduciary duties in connection with their duty to disclose material information in the Solicitation/Recommendation Statement Schedule 14D-9 (the “Recommendation Statement”) filed with the S.E.C. on May 18, 2012, which may impair shareholders’ ability to adequately value stock price in relation to the sale of the Company to an affiliate of UNICOM Systems, Inc. in an all-cash deal valued at about $76.67 million. The price per share offered to GTSI’s shareholders is also under investigation, as under the terms of the proposed transaction, GTSI stockholders will receive only $7.75 in cash per each share of GTSI they own. The proposed transaction is structured as a tender offer and may be effectuated without a shareholder vote. The closing of the tender offer is expected to occur on June 15, 2012. Time is of the essence.
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Whether GTSI’s Board of Directors breached their fiduciary duties to GTSI’s stockholders by failing to disclose all material information in the Recommendation Statement, whether they failed to maximize shareholder value and if so, by how much the sale undervalues the Company to the detriment of GTSI’s shareholders - are the key focus of this investigation.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
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