WILMINGTON, Del., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Startek, Inc. (NYSE: SRT) (“Startek” or the “Company”) relating to the sale of the Company to Capital Square Partners (“CSP”), which currently owns and controls 56% of Startek’s stock. On October 10, 2023, the two parties announced that they reached an agreement in principle pursuant to which CST will acquire Startek in a going private merger. As a result of the merger, Startek shareholders are only anticipated to receive $4.30 per share in cash in exchange for each share of Startek. Because CSP stands on both sides of the merger and controls 56% of Startek’s stock, Startek shareholders are not being asked to vote on the merger.
Andrews & Springer’s investigation so far has revealed that the consideration Startek shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the deal consideration is less than the $4.32 per share closing price on October 9. The $4.30 per share deal consideration is also less than the $5.50 per share target price set by analysts at Barrington Research on August 11, 2023, just two months before the merger was announced.
If you own shares of Startek and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/startek-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
| Contact: | Craig J. Springer, Esq. |
| cspringer@andrewsspringer.com | |
| Toll Free: 1-800-423-6013 |
