SAN DIEGO, June 3, 2016 /PRNewswire/ -- Shareholder rights
law firm Johnson & Weaver, LLP has launched an investigation
into whether the board members of The First Marblehead Corporation
(NYSE: FMD) breached their fiduciary duties in connection with the
proposed sale of the Company to FP Resources USA Inc.
Additional Information:
First Marblehead is a specialty finance company that focuses on the
education financing marketplace in the
United States.
On June 3, 2016, First Marblehead
announced it had signed a definitive merger agreement with FP
Resources. Under the terms of the agreement, First Marblehead
stockholders will receive $5.05 per
share in cash.
The investigation concerns whether the First Marblehead board
failed to satisfy their duties to the Company shareholders,
including whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for First Marblehead shares of common stock. Nationally
recognized Johnson & Weaver is investigating whether the
proposed deal price represents adequate consideration. For
the period ending March 31, 2016
First Marblehead reported having over $40
million in cash and short term investments and no long term
debt. The 52 week high for First Marblehead stock is $6.49.
If you are a shareholder of First Marblehead and believe
the proposed buyout price is too low or you're interested in
learning more about the investigation or your legal rights and
remedies, please contact lead analyst Jim
Baker (jimb@johnsonandweaver.com) at 619-814-4471. If
emailing, please include a phone number where you can be
reached.
About Johnson & Weaver, LLP:
Johnson &
Weaver, LLP is a nationally recognized shareholder rights law firm
with offices in California,
New York and Georgia. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits. For more information about the firm and its
attorneys, please visit http://www.johnsonandweaver.com. Attorney
advertising. Past results do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP