A lawsuit was filed for investors in shares of National Technical Systems, Inc. (NASDAQ:NTSC) in effort to stop the proposed takeover and NASDAQ:NTSC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/01/2013 -- An investor, who currently hold shares of National Technical Systems, Inc. (NASDAQ:NTSC), filed a lawsuit in effort to halt the proposed takeover of National Technical Systems, Inc. by an affiliate of Aurora Capital Group for $23.00 per NASDAQ:NTSC share.
Investors who purchased shares of the National Technical Systems, Inc. (NASDAQ:NTSC) and currently hold any of those NASDAQ:NTSC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:NTSC stockholders arising out of the attempt to sell National Technical Systems, Inc. too cheaply via an unfair process to an affiliate of Aurora Capital Group.
On August 16, 2013, National Technical Systems, Inc. (NASDAQ: NTSC) announced that the Company has entered into an Agreement and Plan of Merger to be acquired by an affiliate of Aurora Capital Group, that will result in National Technical Systems becoming a privately held company when the merger is completed. Pursuant to the Merger Agreement, at the effective time of the merger each share of the Company's outstanding common stock will be converted into the right to receive an amount in cash equal to $23.00 per share.
However, the plaintiff claims that the $23.00-offer is too low and undervalues National Technical Systems, Inc .Indeed, National Technical Systems’ performance improved recently. It reported that its Total Revenue increased from $155.41 million for the 12 months period that ended on Jan. 31, 2012 to $184.55 million for the 12 months period that ended on Jan. 31, 2013 and that its respective Net Income rose from $0.49 million to $4.44 million. Shares of National Technical Systems, Inc. (NASDAQ:NTSC) grew from $4.32 per share in late 2011 to as high as $17.25 per share in July 2013.
On Sept. 30, 2013, NASDAQ:NTSC shares closed at $22.85 per share.
Those who are current investors in National Technical Systems, Inc. shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com