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Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of Gevity HR, Inc.
Posted on March 06, 2009 at 13:27 PM EST
NEW YORK, March 6, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Gevity HR, Inc. (Nasdaq:GVHR) arising out of their agreement to sell the Company to TriNet Group, Inc. for about $98 million in cash.
On March 5, 2009, Gevity announced that it had agreed to be taken private by TriNet for only $4 per share. TriNet is predominantly owned and controlled by General Atlantic LLC, a Connecticut-based equity fund that owns approximately 2.2 million shares of Gevity, or approximately 9.5% of the Company. The transaction appears to be unfair, given that, among other things, the Company's shares traded above $8.00 per share as recently as September 2008, and have been trading between $20 to $30 per share for several years prior to 2007.
If you own common stock in Gevity and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/gvhr.html
Levi & Korsinsky LLP has over 25 years of combined experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
CONTACT: Levi & Korsinsky, LLP Eduard Korsinsky, Esq. Juan E. Monteverde, Esq. (212) 363-7500 Fax: (212) 363-7171 www.zlk.com 39 Broadway, Suite 1601 New York, NY 10006
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