The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Reward...
29 Octubre 2010 - 12:24PM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of Rewards Network Inc. (“Rewards Network” or the
“Company”) (NasdaqCM: DINE) for possible breaches of fiduciary duty
and other violations of state law in connection with their attempt
to sell the Company to EQI Acquisition, L.L.C. (“EQI Acquisition”),
an affiliate of Equity Group Investments, L.L.C. (“EQI”). Under the
terms of the transaction, Rewards Network shareholders will receive
$13.75 in cash for each share of Rewards Network common stock they
own for a total transaction value of approximately $126 million.
EGI Acquisition currently owns approximately 14.2% of the
outstanding shares and certain other affiliates of EGI collectively
own approximately 12.1% of the outstanding shares and have agreed
to tender such shares in the offer.
The investigation concerns whether the Rewards Network Board of
Directors breached their fiduciary duties to Rewards Network
stockholders by failing to adequately shop the Company before
entering into this transaction and whether EQI Acquisition is
underpaying for Rewards Network shares, thus unlawfully harming
Rewards Network stockholders. Rewards Network stock has traded as
high as $14.46 per share as recently as October 26, 2010.
If you own common stock in Rewards Network and wish to obtain
additional information, please contact Abe Shainberg, Esq. either
via email at as@ashainberglaw.com or by telephone at (212)
425-7286, or visit
http://www.ashainberglaw.com/rewards-network-dine.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various
matters nationwide.
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