UBET Youbet.Com (MM)

Kendall Law Group, founded by a former federal judge, today began an investigation on behalf of Youbet.com, Inc. (NASDAQ: UBET) shareholders. The investigation concerns possible breaches of fiduciary duties in the proposed acquisition of the Company by Churchill Downs Incorporated.

On November 11, 2009, it was announced that Churchill will acquire Youbet.com in a $126.8 million cash and stock transaction. The agreement is subject to possible future adjustment to ensure that the transaction does not require Churchill to issue more than 19.6% of its outstanding common stock prior to the transaction. According to the agreement, shareholders will receive $0.97 in cash and 0.0598 Churchill common stock for each share of Youbet.com common stock owned, which is $2.84 value based on the closing price of Churchill on the day before the announcement.

Since UBET shares were trading at $3.08 as recently as August 2009 and as high as $3.91 in July 2009, the firm is investigating whether the consideration to be paid to shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Youbet.com. The investigation also concerns whether the directors and special committee members may have breached their fiduciary duties by not acting in the shareholders’ best interests in connection with the sale process.

If you are a current holder of UBET stock and would like additional information concerning this proposed transaction, including your shareholder rights, contact Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com.

Kendall Law Group has substantial experience representing investors in mergers and acquisitions nationwide. Lawyers at the firm include a former state and federal judge, a former United States Attorney, and experienced securities lawyers.

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