Newman Ferrara LLP is investigating potential claims against the board of directors of Netspend Holdings, Inc. (“Netspend”) (Nasdaq: NTSP) concerning the proposed acquisition of Netspend by Total System Services Inc. (“TSYS”) (NYSE: TSS). On February 19, 2013, Netspend announced that it had entered into an agreement and plan of merger to be acquired by TSYS in a cash deal valued at approximately $1.4 billion. Under the terms of the agreement, Netspend’s shareholders will only receive $16.00 in cash per share of Netspend stock owned. Netspend’s Board of Directors has unanimously approved the proposed deal. Upon closing of the proposed deal, Netspend executive team will be retained by TSYS, including Netspend’s Chief Executive Officer, Daniel Henry, and President, Charles Harris. Newman Ferrara LLP’s investigation concerns whether Netspend’s Board of Directors has breached its fiduciary duties to act in the best interests of Netspend’s shareholders and to take all necessary steps to ensure that Netspend’s shareholders receive the maximum value readily available for their shares of Netspend common stock. Concerned investors may contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or firstname.lastname@example.org to discuss this investigation, their rights, or potential remedies. Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
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.