According to a press release an investigation on behalf of current investors in common stock in Gevity HR, Inc (NASDAW: GVHR) over potential breach of Fiduciary Duty by the board of Gevity HR was announced.

According to the press release the investigation by a law firm focuses on possible breaches of fiduciary duty and other violations of state law by the board of directors of Gevity HR, Inc. arising out of their agreement to sell Gevity HR, Inc to TriNet Group, Inc. for about $98 million in cash. Gevity HR, Inc. specializes in providing small- and medium-sized businesses nationwide with a range of payroll, insurance and human resource (HR) outsourcing services and is based in Bradenton, Florida. On March 5, 2009, Gevity HR, Inc announced that it had agreed to be taken private by TriNet for $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 HR, Inc, or approximately 9.5% of Gevity HR, Inc. The transaction appears to be unfair, given that, among other things, Gevity HR, Incs shares (NASDAQ: GVHR) 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, so the investigation.