The Briscoe Law Firm, PLLC & Cash Powers Taylor, LLP Announce Shareholder Investigation into the Acquisition of Alloy Inc. by...
June 29 2010 - 3:29PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Cash Powers Taylor, LLP
are investigating potential legal claims against the Board of
Directors of Alloy Inc. (“Alloy”) (NASDAQ: ALOY) relating to the
proposed acquisition of Alloy by an investor group lead by
ZelnickMedia.
The agreement, which was announced on June 24, 2010, involves a
cash transaction valued at approximately $126.5 million in which
ZelnickMedia will purchase all of the outstanding shares of Alloy
stock for $9.80 per share. Under the terms of the announced
acquisition, members of Alloy’s senior management will invest in
the transaction and remain with the company after the acquisition
closes. Even though Alloy’s stock price has increased approximately
50% over the prior year, the announced merger price represents only
a 14% premium over Alloy’s closing stock price on June 23, 2010.
Further, Alloy’s stock has historically traded as high as $12 per
share. The investigation relates to possible breaches of fiduciary
duty and other violations of state law by the Board of Directors of
Alloy for approving this transaction, whether the consideration to
be received by Alloy shareholders is fair, and whether Alloy’s
Board of Directors acted in the shareholders’ best interests.
If you currently own shares of Alloy and would like additional
information regarding this investigation, or if you have
information regarding the allegations involving this transaction,
please contact Patrick Powers at Cash Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@cptlawfirm.com, or The
Briscoe Law Firm at (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20
years of experience in complex litigation and transactional
matters, governmental relations and strategic communications
advocacy.
Cash Powers Taylor, LLP is a litigation and corporate
transactional law firm that handles a variety of complex commercial
and business litigation matters.
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