NEW YORK, April 26, 2010 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Protection One, Inc. ("Protection One" or the "Company") (Nasdaq:PONE) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to private equity firm GTCR LLC ("GTCR"). Under the terms of the transaction, Protection One shareholders will receive $15.50 in cash for each Protection One share of common stock they own for a total transaction value of approximately $828 million, including the assumption of debt.
For the quarter ending December 31, 2009, Protection One reported total revenue of $90.344 million and net income of $22.965 million as compared to total revenue and a net loss of $92.560 million and $122 thousand, respectively, for the prior quarter. The investigation concerns whether the Protection One Board of Directors breached their fiduciary duties to Protection One stockholders by failing to adequately shop the Company before entering into this transaction and whether GTCR is underpaying for Protection One shares, thus unlawfully harming Protection One stockholders.
If you own common stock in Protection One and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/protection-one-pone.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.