ATS Corporation : Proposed Merger with Salient Federal Solutions, Inc. Securities Litigation
On or around 06/20/2012 (Court's order of dismissal)
Filing Date: March 06, 2012
According to a press release issued on Feb 22, 2012 a complaint was filed on behalf of shareholders against the Board of Directors of ATS Corporation (“ATS” or the “Company”) (NYSE AMEX –ATSC- News) relating to the proposed acquisition by Salient Federal Solutions, Inc. (“Salient”).
Under the terms of the transaction, ATS shareholders would receive only $3.20 in cash for each share of ATS stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of ATS for not acting in the Company’s shareholders' best interests in connection with the sale process to Salient. The transaction may undervalue ATS as ATS stock traded at $4.75 on June 24, 2011 and traded at $3.33 as recently as February 2, 2012. In addition, it has been reported that members of ATS Board of Directors will receive one-time cash bonuses if the transaction is successfully completed.
On March 22, 2012, the Court issued an order staying this action pending further order of the court.
On June 20, 2012, the Court issued an order dismissing this action with prejudice against all named defendants.
Company & Securities Information
Defendant: ATS Corporation
Industry: Computer Services
Headquarters: United States
Ticker Symbol: ATSC
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Giancarlos Guerra, et al. v. ATS Corporation, et al.
COURT: E.D. Virginia
DOCKET #: 12-CV-00244
JUDGE: Hon. Anthony J. Trenga
DATE FILED: 03/06/2012
CLASS PERIOD START: 02/21/2012
CLASS PERIOD END: 02/21/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Brodsky & Smith, LLC Two Bala Plaza, Suite 602, Brodsky & Smith, LLC, PA 19004 610.667.6200 610.667.6200 ·