The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of NetSpend Holdings, Inc. (“NetSpend” or the “Company”) (Nasdaq: “NTSP”) and other violations of state law by the board of directors of NetSpend relating to the proposed acquisition of the Company by Total System Services, Inc. (“TSS”). The firm’s investigation seeks to determine, among other things, whether the board of directors of NetSpend breached their fiduciary duties by failing to maximize shareholder value. According to the press release announcing the proposed buyout, TSS will acquire NetSpend in an all cash transaction valued at approximately $1.4 billion. Under terms of the agreement, NetSpend shareholders will receive $16.00 in cash for each share of NetSpend common stock they own. According to Bloomberg, the proposed buyout is also virtually assured of approval because private equity firm JLL Partners Inc., a 38% shareholder of NetSpend, has agreed to a “voting pact” with TSS to vote their shares in favor of the deal. If you currently own common stock of NetSpend 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 email@example.com, 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.
NetSpend Holdings (Nasdaq:NTSP) hit a new 52-week high Friday as it is currently trading at $15.99, above its previous 52-week high of $15.98 with 422,736 shares traded as of 3:45 p.m. ET. Average volume has been 1.9 million shares over the past 30 days.