SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into The Proposed Sale Of The First Marblehead Corp. And Encourage...
June 03 2016 - 10:47AM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of The First Marblehead Corporation
(NYSE: FMD) (“First Marblehead” or the “Company”) relating to the
proposed buyout of First Marblehead by FP Resources USA Inc.
Under the terms of the agreement, First Marblehead shareholders
are anticipated to receive $5.05 in cash for each share of First
Marblehead common stock held. The transaction may undervalue the
Company and would result in no real gain or a loss for many
long-term First Marblehead shareholders, especially given that the
Company’s 52-week high was $6.49.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company’s shares of common
stock.
If you currently own common stock of First Marblehead and
believe that the proposed buyout price is too low, or you would
like to learn more about the investigation being conducted by
Brower Piven, please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
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version on businesswire.com: http://www.businesswire.com/news/home/20160603005564/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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