The Law Offices Of Vincent Wong Announce 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
The Law Offices of Vincent Wong are investigating the Board of Directors of PRIMEDIA Inc. (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 deal, PRIMEDIA shareholders will receive $7.10 per share in cash. The transaction has a total approximate enterprise value of $525 million. 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. Shareholders holding approximately 58% of the outstanding PRIMEDIA common stock have provided written consent of the transaction. If you own common stock in PRIMEDIA and wish to obtain additional information, please contact Vincent Wong, Esq. either via email email@example.com, by telephone at 212.584.2740, or visit http://www.wongesq.com/primedia-prm.html. Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. 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%.