NEW YORK, April 13, 2017 /PRNewswire/ -- WeissLaw LLP
is investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Swift Transportation
Company (NYSE: SWFT) ("SWFT" or the "Company") in connection
with proposed the merger of the Company with Knight Transportation,
Inc. ("KNX"). Under the terms of the agreement, SWFT
shareholders will receive 0.72 of a share of the newly combined
company for each share they own; representing consideration of
$22.07, based on KNX's April 7 closing price. Conversely, shareholder of
KNX will enjoy a one-for-one exchange ratio where each share of KNX
will be converted for a share of the newly combined
company.
WeissLaw is investigating whether SWFT's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $30.00, or nearly $8.00 above the offer price. Additionally,
SWFT shares traded at $27.18 as
recently as December 7, 2016.
Finally, the Company reported annual revenue of $4.03 million for fiscal year 2016, nearly three
and a half times larger than the annual revenue of $1.11 million reported by KNX in the same
year.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell SWFT and whether SWFT shareholders will
obtain their fair and proportionate share of the Company's
continued success and future growth prospects. If you own
SWFT shares and would like more information about your rights or
our investigation, or if you have information to share with us,
please contact Joshua Rubin by
telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/swift-transportation-company/
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SOURCE WeissLaw LLP