Robbins Umeda LLP Announces an Investigation of Blue Coat Systems, Inc.

Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Blue Coat Systems, Inc. (NASDAQ: BCSI) in connection with their efforts to sell the company to a group of investors led by Thoma Bravo, LLC.

On December 9, 2011, Blue Coat announced that it had entered into a definitive merger agreement pursuant to which the investors led by Thoma Bravo will acquire Blue Coat for $25.81 per share in cash. Blue Coat's Board of Directors has unanimously approved the transaction, which is expected to close in the first quarter of 2012.

Robbins Umeda LLP's investigation focuses on whether Blue Coat's board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company's recent positive financial results. On November 17, 2011, the company reported better than expected second-quarter fiscal year 2012 results that beat analyst estimates. The company reported adjusted non-Generally Accepted Accounting Principles earnings per share of $0.20, an 11.1% increase compared with the $0.18 reported for the first-quarter of fiscal year 2012 and above estimates of $0.13. Similarly, Blue Coat reported revenue of $114.1 million, a 4.2% increase compared with the $109.5 million reported for the first-quarter of fiscal year 2012 and above analyst expectations of $105.9 million. Further, at least one analyst has a price target of $28.00 per share, and Blue Coat closed over the offer price as recently as May 4, 2011, when it closed at $27.54.

Robbins Umeda is also investigating whether self-dealing and other employment guarantees played a part in the decision by the board to enter into the merger agreement. According to the press release issued on December 9, 2011, Blue Coat's existing management team will continue to manage the company after completion of the transaction.

If you own stock in Blue Coat and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on the firm's website.

Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/blue-coat-systems-inc/

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