This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Harwood Feffer LLP Announces Investigation Of Advance America, Cash Advance Centers, Inc.

Stocks in this article: AEA

NEW YORK, Feb. 17, 2012 /PRNewswire/ -- Harwood Feffer LLP ( www.hfesq.com) is investigating potential claims against the board of directors of Advance America, Cash Advance Centers, Inc. ("Advance America" or the "Company") (NYSE: AEA) concerning the Company's efforts to sell the itself to Grupo Elektra, S.A.B. de C.V. ("Grupo Elektra") in a transaction valued at approximately $780 million

(Logo:  http://photos.prnewswire.com/prnh/20120215/MM54604LOGO )

On February 15, 2012, Advance America announced that it had entered into a definitive agreement to be acquired by subsidiaries of Grupo Elektra in an all-cash transaction.  According to the terms of the deal, Advance America shareholders will receive $10.50 for each share of the company they own.  The agreement was unanimously approved by Advance America's board of directors.  The transaction is expected to close during the first half of calendar year 2012.

On October 26, 2011, Advance America reported financial results for the third quarter of fiscal year 2011 that beat analyst expectations.  In particular, the company reported diluted EPS of $0.24 on revenue of $158.88 million, while analysts polled by Bloomberg had been expecting EPS of only $0.12 on revenue of $145.00 million.  In addition, at least one market analyst has released a target price for Advance America that values the company's stock at $11.00 per share, higher than the value being offered by Grupo Elektra as a part of the proposed transaction.

Our investigation concerns whether the board of directors is fulfilling its fiduciary duties, maximizing the value of Advance America, disclosing all material benefits and costs and obtaining full and fair consideration for Advance America shareholders. 

If you own Advance America shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs