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.