NASHVILLE, Tenn., July 17, 2013 /PRNewswire/ -- Barrett Johnston, LLC has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of SHFL Entertainment, Inc. (SHFL) ("SHFL" or "the Company"), in connection with their efforts to sell the Company to Bally Technologies, Inc. (BYI) ("Bally"). Under the terms of the agreement, which was approved by the boards of directors of both companies, SHFL shareholders will only receive $23.25 per share in cash. The transaction has a total approximate value of $1.3 billion.
Barrett Johnston, LLC's investigation focuses on whether the board of SHFL is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the Company's recent positive financial results. On June 4, 2013 SHFL issued a press release entitled "SHFL Entertainment, Inc. Reports Record Revenue Of $77.4 Million In Second Quarter, Up 17% Year-Over-Year." The Company also reported record net income of $18.8 million and record adjusted EBITDA of $25.4 million. In addition to beating expectations on revenues the Company also beat expectations on earnings per share. Linster Fox, SHFL's Chief Financial Officer stated "Our diverse businesses continue to deliver solid financial results." However, if the merger is approved, SHFL shareholders will no longer be able to participate in the future growth of the Company and its continued "solid financial results."
If you own shares of SHFL or if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, of Barrett Johnston, LLC, 217 Second Avenue, North, Nashville, TN 37201 by telephone at (615) 244-2202, Toll Free at (866) 263-0668, or by email to email@example.com, or visit our website at http://www.barrettjohnston.com.
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