SAN DIEGO, Feb. 20, 2020 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of E*TRADE Financial Corporation (NASDAQ:
ETFC) ("E*TRADE") breached their fiduciary duties in connection
with the proposed sale of the Company to Morgan Stanley (NYSE:
MS).
On February 20, 2020, E*TRADE
announced that it had signed a definitive merger agreement with
Morgan Stanley. Under the terms of the deal, E*TRADE stockholders
will receive 1.0432 Morgan Stanley shares for each E*TRADE share,
which represents per share consideration of $58.74 based on the closing price of Morgan
Stanley's common stock on February 19,
2020. However, shareholders will be subject to the future
price fluctuation of Morgan Stanley's stock price.
The investigation concerns whether the E*TRADE board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for E*TRADE
shares of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
analysts' projections for future earnings growth; also, one Wall
Street analyst has a $62.00 price
target on the stock.
If you are a shareholder of E*TRADE and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation, please contact lead analyst
Jim Baker (jimb@johnsonfistel.com)
at 619-814-4471. If emailing, please include a
phone number.
Additionally, you can [Click here to join this action].
There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
https://www.johnsonfistel.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP