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. Click here to learn how to join the action: http://www.rigrodskylong.com/news/PRIMEDIAInc-PRM. 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 firstname.lastname@example.org. 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. Attorney advertising. Prior results do not guarantee a similar outcome.
Shares of Primedia (NYSE:PRM) have taken a tremendous swing upward. The stock is trading at $7.02 as of 10:02 a.m. ET, 60.2% above Friday's closing price of $4.38. Volume is at 1.6 million, 26.5 times the daily average of 59,900.
The ex-dividend date for Primedia (NYSE:PRM) is tomorrow, March 10, 2011. Owners of shares as of market close today will be eligible for a dividend of 7 cents per share. At a price of $4.58 as of 9:40 a.m., the dividend yield is 6.5%.