The Law Office of Abe Shainberg Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of Answers.co...
14 Février 2011 - 11:54PM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of Answers.com (Nasdaq: ANSW) for possible breaches of
fiduciary duty and other violations of state law in connection with
the sale of the Company to AFCV Holdings, Inc. (“AFCV”). Under the
terms of the proposed transaction, Answers.com stockholders will
receive $10.50 in cash for each outstanding share of common stock
they own for a total transaction value of approximately $127
million. In addition, holders of Answers.com Series A and Series B
convertible preferred stock will receive cash consideration based
on the amount of common stock into which those shares are
convertible at the time of the merger.
The investigation concerns whether the Answers.com Board of
Directors breached their fiduciary duties to Answers.com
stockholders by failing to adequately shop the Company before
entering into this transaction and whether AFCV is underpaying for
Answers.com shares.
If you own common stock in Answers.com and wish to obtain
additional information, please contact Abe Shainberg, Esq. either
via email at as@ashainberglaw.com or by telephone at (212)
425-7286, or visit
http://www.ashainberglaw.com/answers-answ.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various
matters nationwide. Attorney advertising. Prior results do not
guarantee similar outcomes.
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