Shareholder Alert: Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board ...
September 28 2010 - 11:04AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Dover Motorsports, Inc. (“Motorsports” or the “Company”) (NYSE:
DVD) for possible breaches of fiduciary duty and other violations
of state law in connection with their attempt to sell the Company
to Dover Downs Gaming & Entertainment, Inc. (“Gaming”) (NYSE:
DDE). Under the terms of the transaction, Motorsports stockholders
will receive .501 shares of common stock of Gaming for each share
of common stock or class A common stock of Motorsports. Click here
to learn how to join the action:
http://www.zlk.com/dovermotorsports-dvd.html, or call:
877-363-5972.
The investigation concerns whether the Motorsports Board of
Directors breached their fiduciary duties to Motorsports
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Southwest is underpaying
for Motorsports shares, thus unlawfully harming Motorsports
stockholders. The share exchange ratio was arrived at based on a
financial analysis of both companies on a stand alone basis and as
a combined entity and included consideration of the long and short
term historical trading prices for each company’s common stock,
among other factors. On the basis of such analysis, management of
each company believes that there is no premium being paid by either
company. The average exchange ratio for the fifteen consecutive
trading days ending September 24, 2010 was .501.
If you own common stock in Motorsports and wish to obtain
additional information, please contact Joseph E. Levi, Esq. either
via email at jlevi@zlk.com or by telephone at (212) 363-7500,
toll-free: (877) 363-5972, or visit
http://www.zlk.com/dovermotorsports-dvd.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation. The attorneys at Levi & Korsinsky have been
appointed by numerous courts throughout the country to serve as
lead counsel on behalf of shareholders in major litigations
involving mergers and acquisitions. For more information, please
feel free to contact any of the attorneys listed below.
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