Posted: Fri Mar 04, 2011 5:33 am Post subject: The Law Firm of Levi & Korsinsky, LLP Launches
Levi & Korsinsky is investigating the Board of Directors of Global Defense & Technology Systems, Inc. (“GTEC” or the “Company”) (Nasdaq: GTEC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to an affiliate of Ares Management LLC.
New York, NY, March 04, 2011 -- Levi & Korsinsky is investigating the Board of Directors of Global Defense & Technology Systems, Inc. (“GTEC” or the “Company”) (Nasdaq: GTEC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to an affiliate of Ares Management LLC (“Ares”). Under the terms of the agreement, GTEC stockholders will receive $24.25 in cash per GTEC share they own. The transaction has a total value of approximately $315 million, including the assumption of debt.
The investigation concerns whether the GTEC Board of Directors breached their fiduciary duties to GTEC stockholders by failing to adequately shop the Company before entering into this transaction and whether Ares is underpaying for GTEC shares, thus unlawfully harming GTEC stockholders. Damian Perl, the founder and Chief Executive of Global Strategies Group (GLOBAL), former sole beneficial owner of GTEC and a current GTEC director, entered into a tender and voting agreement in support of the offer. GLOBAL is the largest beneficial shareholder in GTEC, owning approximately 42% of GTEC outstanding stock.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com
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