Rigrodsky & Long, P.A. Investigates Thomas Weisel Partners Group, Inc. Buyout
April 26 2010 - 12:15PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Thomas Weisel
Partners Group, Inc. (“TWPG” or the “Company”) (Nasdaq: TWPG)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired by Stifel Financial Corp. (“Stifel”) (NYSE: SF) in a
transaction valued at approximately $300 million.
(http://www.rigrodskylong.com/news/TWPG).
Under the proposed agreement, TWPG shareholders will receive
0.1364 shares of Stifel common stock for each share of TWPG common
stock they own or approximately $7.60 per share based on Stifel’s
closing stock price on April 23, 2010. The investigation concerns
whether TWPG’s board of directors failed to adequately shop the
Company and obtain the best price possible for TWPG’s shareholders
before entering into the agreement with Stifel. Upon the completion
of the merger, Stifel’s Chairman and CEO, Ronald J. Kruszewski, and
TWPG’s Chairman and CEO, Thomas Wilson Weisel, will be Co-Chairmen
of the Board.
As recent as January 26, 2010, the Company reported its fourth
quarter and year-end 2009 results wherein TWPG disclosed an
increase of total net revenues of 91% in the fourth quarter of
2009. Indeed, Mr. Weisel commented, “[o]ur fourth quarter revenues
were higher than any quarter in the last two years and reflect a
strong rebound in investment banking revenues.” Mr. Weisel further
stated, “[t]hroughout the last two years, we have taken the
necessary steps through opportunistic hires and significant expense
reductions to position the firm for future profitability. With the
capital markets environment improving and our focus on top-line
growth, we see this period as an inflection point in our
business.”
If you own the common stock of TWPG and purchased your shares
before April 25, 2010, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Thomas Weisel (NASDAQ:TWPG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Thomas Weisel (NASDAQ:TWPG)
Historical Stock Chart
From Jul 2023 to Jul 2024