Law Firm Brower Piven Announces Investigation of Official Payments Holdings, Inc. Proposed Buyout
September 24 2013 - 12:46PM
Business Wire
The securities litigation firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches
of fiduciary duty to current shareholders of Official Payments
Holdings, Inc. (“Official Payments” or the “Company”) (NASDAQ:
OPAY) and other violations of state law by the board of directors
of Official Payments relating to the proposed buyout of the Company
by ACI Worldwide, Inc. The firm’s investigation seeks to determine,
among other things, whether the board of directors of Official
Payments breached their fiduciary duties by failing to maximize
shareholder value.
According to the press release announcing the proposed buyout,
Official Payments shareholders will receive $8.35 per share in cash
for each share of Official Payments common stock they own.
According to Yahoo! Finance, at least one analyst following
Official Payments has set a target price of $10.00 per share, and
Official Payments’ stock has closed as high as $8.69 only days
before the transaction was announced.
If you currently own common stock of Official Payments and would
like to learn more about the investigation being conducted by
Brower Piven, you may email or call Brower Piven, who will, without
obligation or cost to you, attempt to answer your questions. You
may contact Brower Piven by email at hoffman@browerpiven.com, by
calling (410) 415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and other class action cases of over 60 years.
Brower Piven, A Professional CorporationStevenson,
MarylandCharles J. Piven, 410-415-6616hoffman@browerpiven.com
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