Rigrodsky & Long, P.A. Investigates ATC Technology Corporation Buyout

Date : 07/19/2010 @ 6:33PM
Source : Business Wire
Stock : Atlantic Acquisition Corp. (ATAC)
Quote : 9.92  0.0 (0.00%) @ 3:52PM
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Rigrodsky & Long, P.A. Investigates ATC Technology Corporation Buyout

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Rigrodsky & 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 with GENCO.

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 stock.

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 info@rigrodskylong.com.

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.

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