Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of SeraCare Life Sciences, Inc. (NASDAQ:SRLS) in connection with their efforts to sell the company to Linden Capital Partners. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, firstname.lastname@example.org, or via the shareholder information form on the firm's website.
On February 13, 2012, SeraCare announced that it has entered into a definitive agreement to be acquired by an affiliate of Linden Capital Partners, a Chicago-based private equity firm. According to the terms of the agreement, SeraCare shareholders will receive $4.00 for each share of the company they own. The agreement was unanimously approved by SeraCare's board of directors. The transaction is expected to close in the second quarter of calendar year 2012.
Robbins Umeda LLP's investigation focuses on whether SeraCare's board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of SeraCare's recent first quarter 2012 results. Significantly, the deal represents only an 11.73% premium, well below an average premium of 72.99% over the past two years for comparable transactions in the "Medical Products" sector. In addition, on February 10, 2012, the company reported EPS of $0.07 on revenue of $11.37 million while analysts polled by Bloomberg had been expecting EPS of $0.03 on revenue of $11.00 million. Further, the company's first quarter 2012 revenue of $11.37 million represented a 9% increase compared with the $10.5 million reported for the same quarter in the prior year. Moreover, gross margins increased 6% to 44%, compared with 38% for the same quarter in the prior year. Finally, at least two market analysts have released target prices for SeraCare that value the company's stock at $5.00 per share, higher than the value being offered by Linden Capital Partners as a part of the proposed transaction.
Robbins Umeda attorneys highlight that SeraCare shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company's shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/seracare/
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