NEW YORK, March 11, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of Global Defense Technology Inc. ("GTEC" or the "Company") (Nasdaq:GTEC) concerning the proposed acquisition of GTEC by Ares Management LLC ("Ares"). Under the terms of the deal, Ares would acquire GTEC in an all-cash transaction valued at approximately $315 million.
The investigation concerns, among other things, possible breaches of fiduciary duty by the Company's officers and directors. If the deal closes, GTEC shareholders will receive $24.25 cash per share of common stock. Damian Perl, GTEC Director, founder and CEO of Global Strategies Group, and GTEC's largest beneficial owner with 42% of outstanding stock, has entered into a tender and voting agreement in support of the offer.
GTEC shareholders seeking more information about this acquisition are advised to contact Gustavo F. Bruckner, Esq. at gfbruckner@pomlaw.com or 888-476-6529, ext. 302 or Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) rrboyle@pomlaw.com