STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of XRS Corporation (“XRS” or the “Company”) (NASDAQ: XRSC) relating to the proposed buyout of the Company by Omnitracs, LLC (“Omnitracs”).
On September 2, 2014, Omnitracs announced that it has agreed to acquire XRS Corporation in a transaction valued at approximately $178 million. Under the terms of the transaction, XRS shareholders are anticipated to receive $5.60 in cash for each share of XRS they own. The acquisition is expected to complete in the fourth quarter of 2014. Shareholders of XRS will likely be asked to vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors breached their fiduciary duties by failing to maximize shareholder value before agreeing to enter into the transaction, and whether Omnitracs is underpaying for XRS shares.
If you currently own common stock of XRS and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.