SRA International, Inc. Shareholder Investigation By Briscoe Law Firm Concerning Acquisition By Affiliate Of Providence Equity Partners
Briscoe Law Firm, PLLC, founded by a former state prosecutor and
enforcement attorney for the United States Securities and Exchange
Commission, and the securities litigation law firm of
The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of SRA International, Inc. (“SRA International” or “SRX”) (NYSE: SRX) related to the proposed buyout of SRA International by an affiliate of the private equity firm Providence Equity Partners (“Providence”). The going private agreement, which was announced on April 1, 2011, involves an all-cash transaction valued at approximately $1.88 billion. Under the proposed buyout, SRA International shareholders will receive $31.25 in cash for each share of SRA International/SRX common stock they hold. The investigation relates to the fairness of the proposed transaction to SRA International shareholders and whether SRA International’s Board of Directors acted in the shareholders’ best interests. Although the acquisition price represents an approximate 10% premium over SRA International’s closing price the day before the buyout announcement, based on the company’s historic stock price and other factors, the firms do not believe that the acquisition price is fair to SRA International shareholders. In addition, at least two other private equity firms reportedly expressed interest in acquiring SRA International in March. The firms seek to determine through their investigation whether SRA International’s Board of Directors adequately considered all viable alternatives and properly shopped the company before entering into the acquisition agreement with Providence. If you currently own shares of SRA International/SRX and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
SRA International (NYSE:SRX) hit a new 52-week high Wednesday as it changed hands at $29.89 compared with its previous 52-week high of $27.70. SRA International is currently trading at $28.48 with 990,877 shares changing hands as of 3:01 p.m..