DALLAS, June 30, 2011 (GLOBE NEWSWIRE) -- The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Servidyne, Inc. ("Servidyne" or "SERV") related to the sale of Servidyne to Scientific Conservation, Inc.
The definitive merger agreement, which was announced on June 27, 2011, involves a transaction valued at approximately $12.9 million. Under the proposed buyout, Servidyne shareholders will receive $3.50 in cash for each share of Servidyne/SERV common stock they hold. The transaction is expected to close in Servidyne's second fiscal quarter ending October 31, 2011.
The firms are investigating the fairness of the proposed transaction to Servidyne shareholders, whether the shareholders are being underpaid for their stock, and whether Servidyne's Board of Directors acted in the shareholders' best interests. In particular, although the deal price represents a premium over Servidyne's closing price the day before the acquisition announcement, as recently as May 16, 2011 Servidyne shares closed at $3.02 per share. In addition, Servidyne recently reported a book value of $3.59 per share. Based on these and other factors, the firms do not believe that the acquisition price is fair to Servidyne shareholders.
If you currently own shares of Servidyne/SERV and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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