The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Advance America, Cash Advance Centers, Inc. (“Advance America”) (NYSE: AEA) and other violations of state law by the board of directors of Advance America relating to the proposed acquisition of the company by Grupo Elektra, S.A.B. de C.V. (“Grupo Elektra”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value. On February 16, 2012, Advance America and Grupo Elektra announced that they had entered into a definitive agreement providing for Grupo Elektra to acquire Advance America for $780 million. Under the terms of the merger agreement, Advance America shareholders will receive $10.50 for each share of Advance America common stock held. However, according to Yahoo! Finance, at least one analyst has set a high price target of $11.00 per share. If you currently own shares of Advance America and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
The ex-dividend date for Advance America Cash Advance Centers (NYSE:AEA) is tomorrow, February 23, 2012. Owners of shares as of market close today will be eligible for a dividend of 6 cents per share. At a price of $10.41 as of 10 a.m., the dividend yield is 2.4%.
Advance America Cash Advance Centers (NYSE:AEA) is trading at unusually high volume Thursday with 16.6 million shares changing hands. It is currently at 30.9 times its average daily volume and trading up $2.59 (+32.7%).
Advance America Cash Advance Centers (NYSE:AEA) hit a new 52-week high Tuesday as it is currently trading at $9.39, above its previous 52-week high of $9.32 with 352,353 shares traded as of 1:34 p.m. ET. Average volume has been 534,400 shares over the past 30 days.