Shareholder Alert: The Briscoe Law Firm Investigates Student Loan Corporation’s Board Concerning the Buy-Out by Discover Fi...
21 Septembre 2010 - 5:00PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor, LLP are
investigating potential legal claims against the Board of Directors
of Student Loan Corporation (“Student Loan”) (NYSE: STU) related to
the proposed acquisition of Student Loan by Discover Financial
Services.
The acquisition agreement, which was announced on September 17,
2010, involves a transaction valued at approximately $600 million
under which STU shareholders will receive $30.00 in cash for each
share of Student Loan/STU common stock they hold. In a separate,
but related, transaction, Student Loan will sell $28 billion in
securitized federal student loans to Sallie Mae and $8.7 billion in
federal and private student loans and assets to Citibank.
Student Loan’s book value has been estimated as high as $65 per
share, and the company’s shares closed at over $50.00 per share in
January 2010. Based on historical share values and other aspects of
the proposed agreement, the investigation concerns whether the
proposed share price is fair to Student Loan/STU shareholders. In
addition, the investigation relates to possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of STU for approving this transaction and whether STU’s
Board of Directors acted in the shareholders’ best interests.
If you currently own shares of Student Loan/STU and would like
additional information regarding this investigation, or if you have
information regarding the allegations involving this transaction,
please 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, toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm 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.
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