Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the conduct of the Board of Directors of PRIMEDIA, Inc. (“PRIMEDIA” or the “Company”) (NYSE: PRM) in connection with the proposed sale of the Company to affiliates of TPG Capital (“TPG”) for approximately $316 million. The proposed transaction offers PRIMEDIA shareholders $7.10 per share in cash. Stockholders holding approximately 58% of the outstanding PRIMEDIA common stock have executed a written consent approving the transaction. Therefore, no additional PRIMEDIA stockholder action is required to complete the transaction.
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Whether PRIMEDIA’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process to sell the Company prior to agreeing to this proposed transaction, whether the proposed transaction undervalues PRIMEDIA’s shares and by how much this proposed transaction undervalues the Company to the detriment of PRIMEDIA’s shareholders are the key focus of this investigation.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.If you own common stock in PRIMEDIA and wish to obtain additional information, please visit us at www.faruqilaw.com/PRM or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330. Attorney Advertising. (C) 2011 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.