Abraham, Fruchter & Twersky, LLP Announces Investigation of Answers Corporation
03 Febrero 2011 - 6:13PM
Business Wire
Abraham, Fruchter & Twersky, LLP has commenced an
investigation against the board of directors of Answers Corporation
(“Answers” or the “Company”) (NASDAQ:ANSW) for possible breaches of
fiduciary duty and other violations of state and federal securities
laws related to a proposed acquisition of Answers by AFCV Holdings,
LLC (“AFCV Holdings”), a portfolio company of Summit Partners.
On February 3, 2011, Answers announced that it had entered into
a definitive merger agreement to be acquired by AFCV Holdings in a
transaction valued at approximately $127 million. Under the terms
of the transaction, Answers’ common stockholders will receive
$10.50 per share in cash. The holders of Series A and Series B
convertible preferred stock will also be entitled to receive cash
consideration based on the number of shares of common stock into
which the preferred shares are convertible at the time of the
proposed merger. Abraham, Fruchter & Twersky, LLP is
investigating whether the proposed transaction is the product of a
flawed process designed to ensure the Company’s sale on terms
favorable to AFCV Holdings and Summit Partners, but detrimental to
the public shareholders.
If you own shares of Answers and would like to discuss this
action, or if you have any questions concerning this notice or your
rights as a potential class member or lead plaintiff, you may
contact: Philip T. Taylor of Abraham, Fruchter & Twersky, LLP
toll free at (800) 440-8986, or via e-mail at info@aftlaw.com or
ptaylor@aftlaw.com.
Abraham, Fruchter & Twersky, LLP has extensive experience in
shareholder and securities class action cases, and the firm has
been ranked among the leading class action law firms in terms of
recoveries achieved by a survey of class action law firms conducted
by Institutional Shareholder Services.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
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