Newman Ferrara LLP is investigating potential claims against the board of directors of DIRECTV (Nasdaq:DTV) concerning the proposed sale of DIRECTV to AT&T Inc. (“AT&T”).
On May 18, 2014, DIRECTV entered into an agreement and plan of merger to be acquired by AT&T pursuant to which, DIRECTV stockholders will receive $95.00 per share of DIRECTV stock owned, comprised of $28.50 in cash and AT&T common stock valued at approximately $66.50. However, according to Yahoo! Finance, at least one analyst has issued a price target for DIRECTV stock at $100.00 per share.
Newman Ferrara’s investigation concerns whether DIRECTV’s Board of Directors has breached its fiduciary duties to act in the best interests of DIRECTV’s stockholders. The investigation focuses on the potential unfairness of the consideration being provided to DIRECTV’s stockholders and the process by which DIRECTV’s Board of Directors considered and approved the proposed deal.