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Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of PRIMEDIA Inc. (“PRIMEDIA” or the “Company”) (NYSE:
PRM) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired and taken private by affiliates of TPG Capital (“TPG”) in a transaction with a total enterprise value of approximately $525 million.
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Under the proposed agreement, TPG will acquire all of the outstanding shares of PRIMEDIA for $7.10 per share in cash. Furthermore, shareholders holding approximately 58% of the outstanding PRIMEDIA common stock have executed a written consent approving the transaction.
The investigation concerns whether PRIMEDIA’s board of directors failed to adequately shop the Company and obtain the best price possible for PRIMEDIA’s shareholders before entering into the agreement with TPG.
If you own the common stock of PRIMEDIA and purchased your shares before May 16, 2011, 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
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.
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