Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Virtual Radiologic Corporation - VRAD
May 17 2010 - 10:09AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Virtual Radiologic Corporation (“Virtual Radiologic” or the
“Company”) (NasdaqGM: VRAD) for possible breaches of fiduciary duty
and other violations of state law in connection with their attempt
to sell the Company to private equity firm Providence Equity
Partners. Under the terms of the transaction, Virtual Radiologic
shareholders will receive $17.25 in cash for each Virtual
Radiologic share of common stock they own for a total transaction
value of approximately $294 million. Virtual Radiologic’s
co-founder and Chief Medical Officer, Dr. Eduard Michel, who owns
6.0% of the Company’s outstanding common shares, and Generation
Partners, which owns 25.3% of the Company’s common shares, have
executed voting agreements under which they have agreed to vote in
favor of the transaction.
The investigation concerns whether the Virtual Radiologic Board
of Directors breached their fiduciary duties to Virtual Radiologic
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Providence Equity
Partners is underpaying for Virtual Radiologic shares, thus
unlawfully harming Virtual Radiologic stockholders.
If you own common stock in Virtual Radiologic and wish to obtain
additional information, please contact Joseph E. Levi, Esq. either
via email at jlevi@zlk.com or by telephone at (212) 363-7500 or
visit
http://www.zlk.com/virtual-radiologic-corporation-vrad.html.
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.
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