Law Office Of Abe Shainberg Announces Investigation Of Possible Breach Of Fiduciary Duty By The Board Of AmeriCredit Corp. - ACF
The Law Office of Abe Shainberg is investigating the Board of Directors of AmeriCredit Corp. (“AmeriCredit” or the “Company”) (NYSE: ACF) for possible breaches of fiduciary duty and other violations of state law. AmeriCredit announced that it had agreed to be acquired by General Motors Co. for $24.50 in cash per share. The transaction is expected to close by the end of the fourth quarter of 2010.
The investigation concerns whether the AmeriCredit Board of Directors breached their fiduciary duties to its stockholders by failing to adequately shop the Company before entering into this transaction and whether General Motors Co. is underpaying for AmeriCredit shares. At least one analyst has a target price for AmeriCredit of $26.00 per share and the stock has traded as high as $26.49 per share within the last year. In addition, the board agreed to a strict "no solicitation" provision and also agreed to pay a $150 million termination fee.
If you own common stock in Americredit and wish to obtain additional information, please contact Abe Shainberg, Esq. directly, via email at email@example.com, by telephone at 212.425.7268, or visit http://www.ashainberglaw.com/americredit.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various matters
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