BOSTON, April 19, 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 SRS Labs, Inc. ("SRS Labs" or the "Company") (NASDAQ: SRSL) with regards to the proposed acquisition of the Company by DTS, Inc. ("DTS") in a cash and stock transaction valued at about $148 million.
Under the terms of the deal, SRS Labs shareholders may elect to receive either $9.50 per share in cash or a fixed ratio of 0.31127 shares of DTS common stock for every share of SRS Labs common stock they own. SRS Labs shares have traded higher than the cash offer price as recently as July 2011 and at least one financial analyst has set a price target of $10.00 per share. Thomas C.K. Yuen, the Chairman and CEO of SRS Labs will take a position on the DTS Board upon consummation of the transaction, which demonstrates his lack of independence.
Block & Leviton's investigation seeks to determine, among other things, whether SRS Labs Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed transaction. If you have information relevant to this investigation, or if you are an SRS Labs shareholder and have questions about your legal rights, please contact Mark Delaney at (617) 398-5650 or email him at Mark@blockesq.com.
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