The Law Firm Of Levi & Korsinsky, LLP Launches An Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of PRIMEDIA Inc. In Connection With The Sale Of The Company To Affiliates Of TPG Capital -- PRM
Levi & Korsinsky is investigating the Board of Directors of PRIMEDIA Inc. (“PRIMEDIA” or the “Company”) (NYSE: PRM) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to affiliates of TPG Capital. Under the terms of the transaction, holders of PRIMEDIA outstanding common shares will receive $7.10 in cash per PRIMEDIA share they own. The transaction has a total approximate enterprise value of $525 million. Stockholders holding approximately 58% of the outstanding PRIMEDIA common stock have provided written consent of the transaction. Click here to learn how to join the action: http://www.zlk.com/primedia-prm.html, or call: 877-363-5972. The investigation concerns whether the PRIMEDIA Board of Directors breached their fiduciary duties to PRIMEDIA stockholders by failing to adequately shop the Company before entering into this transaction and whether TPG Capital is underpaying for PRIMEDIA shares, thus unlawfully harming PRIMEDIA stockholders. If you own common stock in PRIMEDIA and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/primedia-prm.html. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
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%.