Rigrodsky & Long, P.A. Investigates Buyout of Answers Corporation-ANSW
03 Février 2011 - 10:17PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Answers
Corporation (“Answers.com” or the “Company”) (Nasdaq: ANSW)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired and taken private by AFCV Holdings, LLC (“AFCV”), a
portfolio company of growth equity investor Summit Partners, in a
transaction valued at approximately $127 million. Click here to
learn how to join the action:
http://www.rigrodskylong.com/news/AnswersCorporation-ANSW.
Under the proposed agreement, Answers.com common stock
shareholders will receive $10.50 in cash for each outstanding share
of common stock they own. The holders of Series A and Series B
convertible preferred stock will also be entitled to receive cash
consideration based on the number of the common stock into which
those shares are convertible at the time of the merger.
The investigation concerns whether Answers.com’s board of
directors failed to adequately shop the Company and obtain the best
price possible for Answers.com’s shareholders before entering into
the agreement with AFCV. Indeed, as recent as November 8, 2010,
Answers.com reported its third quarter 2010 financial results
wherein the Company reported solid traffic growth. Answers.com
Chairman and CEO, Robert Rosenschein, commented, “Looking ahead, we
are very focused on diversifying our revenue sources and improving
monetization to capitalize on our growing traffic… We are confident
that Q4 2010 revenue will be materially better than Q3 2010
revenue, and we expect that our 2011 revenue will also exhibit
healthy growth over 2010.”
If you own the common stock of Answers.com and purchased your
shares before February 3, 2011, if you have information or would
like to learn more about these claims, or if you wish to discuss
these matters or have any questions concerning this announcement or
your rights or interests with respect to these matters, please
contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case
Development Director, of Rigrodsky & Long, P.A., 919 N. Market
Street, Suite 980, Wilmington, Delaware, by telephone at (888)
969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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