Rigrodsky & Long, P.A. Investigates Buyout of TradeStation Group, Inc. - TRAD
April 21 2011 - 11:49AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of TradeStation
Group, Inc. (“TradeStation” or the “Company”) (Nasdaq: TRAD)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired by Monex Group, Inc. (“Monex”) in a transaction valued at
approximately $411 million. Click here to learn how to join the
action:
http://www.rigrodskylong.com/news/TradeStationGroupInc-TRAD.
Under the proposed agreement, Monex will commence a tender offer
for all of the outstanding shares of TradeStation for $9.75 per
share in cash.
The investigation concerns whether TradeStation’s board of
directors failed to adequately shop the Company and obtain the best
price possible for TradeStation’s shareholders before entering into
the agreement with Monex.
On February 11, 2011, TradeStation announced its 2010 fourth
quarter financial results wherein the Company’s CFO, David
Fleischman, commented: “At the 2010 year end, our client assets
were at an all-time high, average client margin balances had
increased 40% since the 2009 fourth quarter, we had cash and cash
equivalents and marketable securities of $105.1 million, no debt,
total shareholders’ equity of $173.4 million, and had produced
positive net income for the 35th consecutive quarter[.] With
interest rates having only one direction to move, and the
implementation of our new growth initiatives, we remain excited
about our prospects for long-term earnings growth.”
If you own the common stock of TradeStation and purchased your
shares before April 21, 2011, if you have information or would like
to learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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