Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Advance America, Cash Advance Centers, Inc. (“Advance America” or the “Company”) (NYSE: AEA) (ISIN: US00739W1071) concerning the proposed acquisition of Advance America by Grupo Elektra, S.A.B. de C.V. (“Grupo Elektra”) in a cash transaction valued at approximately $780 million. The investigation concerns whether the Advance America directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Advance America shareholders would receive $10.50 in cash per share of Advance America common stock. However, Advance America traded at $10.55 per share earlier today and all multiples are below that of comparable transactions. Advance America shareholders seeking more information about this acquisition are advised to contact Gustavo Bruckner, Esq. at email@example.com or 212-661-1100 or toll free at 888-476-6529, ext. 302. Shareholders may also contact Rebecca Jarmon at firstname.lastname@example.org or 212-661-1100 or 888-476-6529, ext. 314. The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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.