Law Office of Abe Shainberg Announces Investigation of Possible Breach of Fiduciary Duty by the Board of AmeriCredit Corp. - ACF
11 August 2010 - 12:51AM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of AmeriCredit Corp. (“AmeriCredit” or the “Company”)
(NYSE: ACF) for possible breaches of fiduciary duty and other
violations of state law. AmeriCredit announced that it had agreed
to be acquired by General Motors Co. for $24.50 in cash per share.
The transaction is expected to close by the end of the fourth
quarter of 2010.
The investigation concerns whether the AmeriCredit Board of
Directors breached their fiduciary duties to its stockholders by
failing to adequately shop the Company before entering into this
transaction and whether General Motors Co. is underpaying for
AmeriCredit shares. At least one analyst has a target price for
AmeriCredit of $26.00 per share and the stock has traded as high as
$26.49 per share within the last year. In addition, the board
agreed to a strict "no solicitation" provision and also agreed to
pay a $150 million termination fee.
If you own common stock in Americredit and wish to obtain
additional information, please contact Abe Shainberg, Esq.
directly, via email at as@ashainberglaw.com, by telephone at
212.425.7268, or visit
http://www.ashainberglaw.com/americredit.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various
matters nationwide.
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