NEW YORK, July 19, 2010 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of ATC Technology Corporation ("ATC Technology" or the "Company") (Nasdaq:ATAC) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to GENCO Distribution System, Inc., ("GENCO"). Under the terms of the transaction, ATC Technology shareholders will receive $25.00 in cash for each ATC Technology share of common stock they own for a total transaction value of approximately $513 million.
The investigation concerns whether the ATC Technology Board of Directors breached their fiduciary duties to ATC Technology stockholders by failing to adequately shop the Company before entering into this transaction and whether GENCO is underpaying for ATC Technology shares, thus unlawfully harming ATC Technology stockholders. In particular, the proposed price offers virtually no premium over the $24.98 price the Company's shares traded at as recently as March 10, 2010 and at least one analyst set a price target for ATC Technology stock at $30.00 per share.
If you own common stock in ATC Technology 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/atc-technology-corp.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.