Bernstein Liebhard LLP Announces Investigation of Acquisition of Virtual Radiologic Corporation by Providence Equity Partners
May 27 2010 - 10:54AM
Business Wire
Bernstein Liebhard LLP is investigating whether the Board of
Directors of Virtual Radiologic Corporation (“Virtual Radiologic”
or the “Company”) (Nasdaq: VRAD) breached its fiduciary duty to its
shareholders in agreeing to sell the Company to Providence Equity
Partners, a private equity firm.
Under the terms of the agreement, Virtual Radiologic
shareholders will receive $17.25 in cash for each share of common
stock they own, placing the total value of the transaction at
approximately $294 million. The deal is expected to close in the
third quarter of 2010. A voting agreement has been executed,
wherein the Company’s co-founder and chief medical officer, Dr.
Eduard Michel, who owns 6 percent of Virtual Radiologic’s shares,
as well as Generation Partners, which owns 25.3 percent of the
Company’s shares, agree to vote in favor of the transaction.
The investigation is focused on the potential unfairness of the
price to Virtual Radiologic shareholders and the process by which
the Virtual Radiologic Board of Directors considered and approved
the transaction.
If you are interested in discussing your rights as a Virtual
Radiologic shareholder and/or have information relating to the
matter, please contact U. Seth Ottensoser at (877) 779-1414 or
Ottensoser@bernlieb.com.
Bernstein Liebhard has pursued hundreds of securities and
consumer cases and recovered almost $3 billion for its clients. It
has been named to The National Law Journal’s “Plaintiffs’ Hot List”
in each of the last seven years.
Bernstein Liebhard LLP10 East 40th StreetNew York, New York
10016(877) 779-1414www.bernlieb.com
ATTORNEY ADVERTISING. © 2010 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414.
Prior results do not guarantee or predict a similar outcome with
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