Levi & Korsinsky is investigating the Board of Directors of Fischer Communications, Inc. (“Fischer” or the “Company”) (Nasdaq: FSCI) for possible breaches of fiduciary duty and other violations of state law in connection with the Board of Directors’ rejection of a merger proposal from Huntingdon Real Estate Investment Trust. On January 3, 2011 Fischer confirmed its refusal of a proposal in which Huntingdon would acquire all outstanding shares of Fischer common stock for 3.58 units of the Huntingdon REIT, or 1.79 Huntingdon units plus a cash payment of $12.00 per Fisher share. This offer represented an implied offer price of $23.99 per Fisher share.
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The investigation concerns whether the Fischer Board of Directors breached their fiduciary duties to Fischer stockholders by rejecting Huntingdon’s proposal. Furthermore, Fischer recently received a letter from FrontFour Capital Group, a major Fischer shareholder, stating its dissatisfaction with the Board and its intention to nominate four individuals to the Fischer Board at the next annual shareholder meeting.
FrontFour suggested that “a significant change to the composition of the Board is required to protect and grow shareholder investment in the Company.”
If you own common stock in Fischer and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at
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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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.