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BALA CYNWYD, Pa.,
Feb. 16, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Advance America, Cash Advance Centers, Inc. ("Advance America" or the "Company") (NYSE: AEA) relating to the proposed acquisition by Grupo Elektra, S.A.B. de C. V. ("Grupo").
Under the terms of the transaction, Advance America shareholders would receive
$10.50 in cash for each share of Advance America stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Advance America for not acting in the Company's shareholders' best interests in connection with the sale process to Grupo. The transaction may undervalue Advance America as an analyst has set a price target of
$11.00 for each Advance America share. In addition, the price being offered represents only a slight premium above the
$9.33 Advance America's stock traded at on
December 6, 2011.
If you own shares of Advance America stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact
Jason L. Brodsky, Esquire or
Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602,
Bala Cynwyd, PA 19004, by e-mail at
http://brodsky-smith.com/387-aea-advance-america-cash-advance-centers-inc.html, or by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC