BOSTON, April 10, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duties by the Board of Directors of eResearchTechnology, Inc. ("eResearchTechnology" or the "Company") (Nasdaq: ERT) with regards to the proposed acquisition of the Company by private equity firm Genstar Capital LLC in a going private transaction valued at approximately $400 million. The transaction is for $8.00 per share, or a paltry 2% premium over the Company's latest closing price on April 9, 2012.
Block & Leviton's investigation seeks to determine, among other things, whether eResearchTechnology's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed transaction. The Company's share price had traded as high as $8.11 per share as recently as April 3, 2012 – i.e., more than the proposed acquisition price. Moreover, analysts have a median target price for the Company of $8.50 per share with a high target price of $11.00 per share.
If you are an eResearchTechnology shareholder and have information relevant to this matter or have questions about your legal rights, please contact Mark Alan Delaney of Block & Leviton at (617) 398-5650 or email him at [email protected].
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
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SOURCE Block & Leviton LLP