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& Long, P.A. announces that it is investigating potential claims
against the board of directors of ATC Technology Corporation (“ATC
Technology” or the “Company”) (Nasdaq: ATAC)
concerning possible breaches of fiduciary duty and other violations of
law related to the Company’s entry into an agreement to be acquired and
taken private by GENCO Distribution System, Inc. (“GENCO”) in a
transaction valued at approximately $512.6 million (http://www.rigrodskylong.com/news/ATCTechnologyCorporation-ATAC).
Under the proposed agreement, ATC Technology shareholders will receive
$25.00 in cash for each share of ATC Technology common stock they hold.
The investigation concerns whether ATC Technology’s board of directors
failed to adequately shop the Company and obtain the best price possible
for ATC Technology’s shareholders before entering into the agreement
As recent as April 27, 2010, ATC Technology reported its first quarter
2010 financial results. Todd R. Peters, the Company’s President and CEO,
stated: “Overall, I am pleased with our results in the first quarter as
we accomplished many of our strategic priorities for both the Logistics
and Drivetrain segments, despite difficult circumstances.” Mr. Peters
went on to say: “We continue to focus on growing the business and
further reducing our cost structure. Our customer relationships and cash
flow remain strong and we expect to win new business throughout the
balance of the year.” Indeed, according to Yahoo! Finance, at least one
analyst has set a price target of $30.00 per share for ATC Technology
If you own the common stock of ATC Technology and purchased your shares
before July 19, 2010, if you have information or would like to learn
more about these claims, or if you wish to discuss these matters or have
any questions concerning this announcement or your rights or interests
with respect to these matters, please contact Seth
D. Rigrodsky, Esquire or Noah
R. Wortman, Case Development Director, of Rigrodsky & Long, P.A.,
919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at
(888) 969-4242, or by e-mail to firstname.lastname@example.org.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden
City, New York, regularly litigates securities class, derivative and
direct actions, shareholder rights litigation and corporate governance
litigation, including claims for breach of fiduciary duty and proxy
violations in the Delaware Court of Chancery and in state and federal
courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.