San Diego, CA -- (ReleaseWire) -- 07/28/2014 -- An investor, who currently holds shares of URS Corp (NYSE:URS) filed a lawsuit in effort to halt the proposed takeover of URS Corp by AECOM Technology Corporation.
Investors who purchased shares of URS Corp (NYSE:URS) and currently hold any of those NYSE:URS shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:URS stockholders by agreeing to sell URS Corp too cheaply via an unfair process to AECOM Technology Corporation.
On July 13, 2014, AECOM Technology Corporation (NYSE:ACM) and URS Corporation (NYSE:URS) announced the execution of an agreement under which AECOM Technology Corporation will acquire all outstanding shares of URS Corporation for a combination of cash and stock valued at approximately US$4 billion or US$56.31 per URS share, based on the AECOM closing share price as of July 11, 2014.
However, the plaintiff claims that the takeover of URS Corporation by AECOM Technology Corporation undervalues URS Corporation. Indeed, URS Corp reported that its Total Revenue rose from over $9.54 billion for the 52 weeks period that ended on Dec. 30, 2011 to over $10.97 billion for the 52 weeks period that ended on Dec. 28, 2012, respectively over $10.99 billion for the 53 weeks period that ended on Jan. 3, 2014 and that its Net Loss of $42.90 million for for the 52 weeks period that ended on Dec. 30, 2011 turned into a Net Income of $310.60 million for the 52 weeks period that ended on Dec. 28, 2012, respectively $247.20 million for the 53 weeks period that ended on Jan. 3, 2014. Shares of URS Corp (NYSE:URS) grew from $33.35 per share in October 2012 to as high as $55.10 per share in October 2013. In addition, the plaintiff alleges that the process is also unfair to NYSE:URS stockholders.
On July 25, 2014, NYSE:URS shares closed at $58.33 per share.
Those who are current investors in URS Corp (NYSE:URS) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego