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The Briscoe Law Firm Investigates L-1 Identity Solutions, Inc.a?s Board Concerning the Acquisition of Identity Solutions by Saf

^{Published on 2010-09-20 14:35:21 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of [ L-1 Identity Solutions, Inc ]. (aIdentity Solutionsa or aIDa) (NYSE: ID) related to the proposed acquisition of Identity Solutions by Safran, a French aerospace and engine equipment manufacturer.

The acquisition agreement announced on September 20, 2010 involves a transaction valued at approximately $1.6 billion, under which Identity Solutions shareholders will receive $12.00 in cash for each share ofIdentity Solutions/ID common stock they hold. In conjunction with the buyout by Safran, Identity Solutions will also sell its intelligence services businesses to BAE Systems, Inc. Although the proposed acquisition price represents an approximate 24% premium over Identity Solutionsa™ closing price on September 17, 2010, based on historical stock prices well above $17 per share, the proposed price appears to be unfair to Identity Solutions shareholders.

The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Identity Solutions for approving this transaction, whether the consideration to be received by Identity Solutions shareholders is fair, and whether Identity Solutionsa™ Board of Directors acted in the shareholdersa™ best interests.

If you currently own shares of Identity Solutions/ID and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.