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 email at firstname.lastname@example.org, 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.
Shares of eResearchTechnology (Nasdaq:ERT) were gapping up Tuesday morning with an open price 20.3% higher than Monday's closing price. The stock closed at $5.56 yesterday and opened today's trading at $6.69.