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Bernstein Liebhard LLP Announces Investigation of Acquisition of Virtual Radiologic Corporation by Providence Equity Partners

^{Published on 2010-05-27 08:05:17 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Bernstein Liebhard LLP is investigating whether the Board of Directors of Virtual Radiologic Corporation (aVirtual Radiologica or the aCompanya) (Nasdaq: VRAD) breached its fiduciary duty to its shareholders in agreeing to sell the Company to Providence Equity Partners, a private equity firm.

Under the terms of the agreement, Virtual Radiologic shareholders will receive $17.25 in cash for each share of common stock they own, placing the total value of the transaction at approximately $294 million. The deal is expected to close in the third quarter of 2010. A voting agreement has been executed, wherein the Companya™s co-founder and chief medical officer, Dr. Eduard Michel, who owns 6 percent of Virtual Radiologica™s shares, as well as Generation Partners, which owns 25.3 percent of the Companya™s shares, agree to vote in favor of the transaction.

The investigation is focused on the potential unfairness of the price to Virtual Radiologic shareholders and the process by which the Virtual Radiologic Board of Directors considered and approved the transaction.

If you are interested in discussing your rights as a Virtual Radiologic shareholder and/or have information relating to the matter, please contact U. Seth Ottensoser at (877) 779-1414 or [ Ottensoser@bernlieb.com ].

Bernstein Liebhard has pursued hundreds of securities and consumer cases and recovered almost $3 billion for its clients. It has been named to The National Law Journala™s aPlaintiffsa™ Hot Lista in each of the last seven years.

Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
[ www.bernlieb.com ]

ATTORNEY ADVERTISING. © 2010 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.