Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Virtual Radiologic Corporation (“Virtual Radiologic” or the “Company”) (Nasdaq:VRAD) 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 Providence Equity Partners (“Providence”) in a transaction valued at approximately $294 million (http://www.rigrodskylong.com/news/VRAD).

Under the proposed agreement, Virtual Radiologic shareholders will receive $17.25 in cash for each share of Virtual Radiologic common stock they hold. The investigation concerns whether Virtual Radiologic’s board of directors failed to adequately shop the Company and obtain the best price possible for Virtual Radiologic’s shareholders before entering into the agreement with Providence. As recent as April 26, 2010, the Company announced its first quarter 2010 financial results wherein it reported an 8% increase in revenue, an increase of adjusted net income of 25%, and an increase in adjusted EBITDA of 25%. Furthermore, co-founder and Chief Medical Officer, Dr. Eduard Michel, who owns 6% of the Company’s outstanding common shares, and Generation Partners, which owns 25.3% of the Company’s common shares, have executed Voting Agreements pursuant to which they have agreed to vote in favor of the transaction.

If you own the common stock of Virtual Radiologic and purchased your shares before May 16, 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.

Virtual Radiologic (MM) (NASDAQ:VRAD)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Virtual Radiologic (MM) Charts.
Virtual Radiologic (MM) (NASDAQ:VRAD)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Virtual Radiologic (MM) Charts.