Pre-Paid Legal Services, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by MidOcean Partners
January 31 2011 - 11:42AM
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 securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of Pre-Paid Legal Services, Inc. (“Pre-Paid
Legal” or “PPD”) (NYSE: PPD) related to the proposed buyout of
Pre-Paid Legal by entities related to MidOcean Partners and PPL
Acquisition Corp. The definitive acquisition agreement, which was
announced on January 31, 2011, involves a transaction valued at
approximately $650 million. Under the proposed buyout, Pre-Paid
Legal shareholders will receive $66.50 in cash for each share of
Pre-Paid Legal/PPD common stock they hold. However, as recently as
December 6, 2010, Pre-Paid Legal shares closed as high as $65.77
per share.
The investigation relates to the fairness of the proposed
transaction to Pre-Paid Legal shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Pre-Paid Legal for approving this transaction, and
whether Pre-Paid Legal’s Board of Directors acted in the
shareholders’ best interests.
If you currently own shares of Pre-Paid Legal/PPD and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, 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 and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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