Brower Piven Announces Class Action Lawsuit on Behalf of Shareholders of Internet Brands, Inc. in Connection With the Proposed A
October 15 2010 - 2:10PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the Delaware Chancery Court on
behalf of all shareholders of Internet Brands, Inc. ("Internet
Brands" or the "Company") (NASDAQ: INET).
The claims asserted in the complaint arise out of the proposed
transaction, announced on September 20, 2010, whereby an affiliate
of the private equity firm Hellman & Friedman Capital Partners
VI, L.P. (the "Buyer") will take private Internet for $13.35 in
cash for each share of its Class A and Class B common stock in a
transaction (the "Transaction") valued at approximately $640
million.
The complaint alleges that the Transaction and the acts of the
individual defendants constitute a breach of the individual
defendants' fiduciary duties owed to Internet's public stockholders
and a violation of applicable legal standards governing the
defendants therein. The complaint further alleges the individual
defendants' acceptance of Buyer's acquisition proposal at a grossly
inadequate price will constitute a breach of the individual
defendants' fiduciary duties owed to Internet's stockholders to
take all necessary steps to ensure that the stockholders receive
the maximum value realizable for their shares of Internet stock in
a transaction effecting the change of corporate control.
If you are a current owner of shares of Internet Brands, Inc.
you may obtain additional information about this lawsuit by
contacting Brower Piven at www.browerpiven.com, by email at
piven@browerpiven.com, by calling 410/415-6701, or at Brower Piven,
A Professional Corporation, 1925 Old Valley Road, Stevenson,
Maryland 21153. Attorneys at Brower Piven have combined experience
litigating securities and class action cases of over 40 years. If
you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6701 Email Contact
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