DALLAS, Jan. 27, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Solutia, Inc. ("Solutia" or "SOA") (NYSE: SOA) to Eastman Chemical Company for shareholders. Under the proposed transaction, Solutia shareholders will receive $22.00 in cash and 0.12 shares of Eastman Chemical common stock for each share of Solutia/SOA stock owned. Based on the closing price of Eastman Chemical shares the day prior to the acquisition announcement, the value to Solutia shareholders is approximately $27.65 per share, which is well below the target price of $31.00 per share announced by analysts.

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If you are an affected investor, and you want to learn more about the lawsuit or join the action, 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, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The definitive acquisition agreement involves a cash and stock transaction valued at approximately $4.7 billion, including assumption of debt. The transaction is expected to close in mid-2012.

The investigation centers on whether Solutia shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Solutia's stock, and whether Solutia's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to shareholder rights attorney Willie Briscoe, "Although the acquisition price represents a premium over the closing price of Solutia shares the day prior to the buyout announcement, Solutia shares closed above $26.30 per share as recently as early late April 2011. In addition, according to Yahoo! Finance, at least one analyst has set a target price of $31.00 for Solutia/SOA shares. Based on these and other factors, we are investigating whether the transaction undervalues Solutia stock. If necessary, our shareholder lawsuit will seek to obtain the highest share price for all shareholders."

The Briscoe Law Firm, PLLC 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.

SOURCE Powers Taylor, LLP