SRS Labs, Inc. : The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of SRS Labs, Inc. in Connection with the Sale of the Company to DTS, Inc.
04/19/2012| 01:20pm US/Eastern
NEW YORK, April 19, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of SRS Labs, Inc. ("SRS Labs" or the "Company") (Nasdaq: SRSL) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to DTS, Inc. (Nasdaq: DTSI). Under the terms of the agreement, SRS Labs shareholders may elect to receive either $9.50 or 0.31127 shares of DTS common stock for each share of SRS Labs common stock they own. Shareholders representing approximately 20% of the outstanding SRS Labs shares have agreed to tender their shares.
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The investigation concerns whether the SRS Labs Board of Directors breached their fiduciary duties to SRS Labs stockholders by failing to adequately shop the Company before entering into this transaction and whether DTS, Inc. is underpaying for SRS Labs shares, thus unlawfully harming SRS Labs stockholders. In particular, at least one analyst set a price target for SRS Labs stock at $10.00 per share.
If you own common stock in SRS Labs and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
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