NEW YORK, Feb. 21, 2020 /PRNewswire/ -- WeissLaw
LLP is investigating possible breaches of fiduciary duty and
other violations of law by the Board of Directors of E*TRADE
Financial Corporation ("ETFC" or the "Company") (NASDAQ: ETFC) in
connection with the proposed acquisition of the Company by Morgan
Stanley ("MS") (NYSE: MS). Under the terms of the acquisition
agreement, ETFC shareholders will receive 1.0432 shares of MS for
each ETFC share they own. This represents consideration of
$58.74 based on the closing price of
MS on February 19, 2020. The
transaction is expected to close in the fourth quarter of 2020.
If you own ETFC shares and wish to discuss
this investigation or have any questions concerning this notice or
your rights or interests, visit our website:
http://www.weisslawllp.com/e-trade-financial-corporation/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw is investigating whether ETFC's Board acted to maximize
shareholder value prior to entering into the acquisition
agreement. At least one analyst set a target price of
$62.00, or $3.26 above the per-share
consideration.
In addition, the transaction is anticipated to "significantly
increase the scale and breadth of [MS]'s Wealth Management
franchise, and positions [MS] to be an industry leader in Wealth
Management across all channels and wealth segments."
Given these facts, WeissLaw is concerned whether the proposed
acquisition undervalues the Company, and whether all material
information related to the proposed acquisition is fully and fairly
disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP