Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Thomas Weisel Partners Group, Inc. - TWPG
April 26 2010 - 9:06AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Thomas Weisel Partners Group, Inc. (“Thomas Weisel” or the
“Company”) (NasdaqGM: TWPG) for possible breaches of fiduciary duty
and other violations of state law in connection with their attempt
to sell the Company to Stifel Financial Corp. ("Stifel") (NYSE:
SF). Under the terms of the transaction, Thomas Weisel shareholders
will receive 0.1364 Stifel shares valued at approximately $7.60,
based on the prior closing price of $55.74 for Stifel stock, for a
total transaction value of approximately $300 million. The average
closing price for Stifel stock over the prior year was
approximately $52.46 per share.
The investigation concerns whether the Thomas Weisel Board of
Directors breached their fiduciary duties to Thomas Weisel
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Stifel is underpaying
for Thomas Weisel shares, thus unlawfully harming Thomas Weisel
stockholders. In particular, the Thomas Weisel Board agreed to a
strict no-solicitation provision and also agreed to pay Stifel a
termination fee of $10 million, under certain circumstances.
If you own common stock in Thomas Weisel 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 or
visit http://www.zlk.com/thomas-weisel-partners.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.
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