Chimicles & Tikellis LLP represents Southeastern Pennsylvania Transportation Authority is an action challenging a management-led buyout of SRA International, Inc. (“SRA” or the “Company”) for $31.25 per share. The buyout was led by the Company’s chairman and founder, Ernst Volgenau, and private-equity firm Providence Equity. The lawsuit alleges that the consideration paid in the buyout was inadequate and represented an effort by Volgenau to wield his control over the Company to force out public stockholders and reap the benefits of SRA’s future growth and profits for himself and his chosen partners.
After expedited discovery conducted by Plaintiff, Defendants were forced to disclose additional information to stockholders prior to their vote on the buyout. The challenge to the fairness of the buyout is ongoing.
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