Law office of Brodsky & Smith LLC said Saturday it is investigating potential claims against the Board of Directors of eResearchTechnology Inc. (ERT: Quote) relating to the proposed acquisition by Genstar Capital.
Under the terms of the transaction, eResearch shareholders would receive only $8.00 in cash for each share of eResearch stock they own. According to Brodsky & Smith, the investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of eResearch for not acting in the shareholders' interests in connection with the sale process to Genstar.
Brodsky & Smith said the transaction may undervalue eResearch as eResearch stock traded at $8.11 as recently as April 3, 2012. In addition, an analyst has set a price target on eResearch stock at $9.00 per share, it added.
Pennsylvania-based eResearch Technology Inc. provides technology-driven services and medical devices primarily in North America, the United Kingdom, and Germany.
by RTT Staff Writer
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