SAN DIEGO--(BUSINESS WIRE)--Robbins Umeda LLP, a shareholder rights litigation firm, is investigating possible breaches of fiduciary duty and other violations of state law by members of the board of directors of optionsXpress Holdings, Inc. (NASDAQ-GS: OXPS) in connection with their efforts to sell optionsXpress to the Charles Schwab Corporation (NYSE: SCHW).
If you own stock in optionsXpress and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at info@robbinsumeda.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
On March 21, 2011, optionsXpress announced it has entered into a definitive merger agreement under which Charles Schwab will acquire all of the outstanding common shares of optionsXpress. Under the current agreement, optionsXpress stockholders will receive 1.02 shares of Schwab stock for each share of optionsXpress stock. Based on Schwab's closing stock price as of March 18, 2011, the transaction values each optionsXpress share at $17.91. The transaction is expected to close in the third quarter of 2011.
The investigation is focused on whether optionsXpress's board of directors is undertaking a fair process to obtain maximum value for its shareholders. Recently, on December 22, 2010, optionsXpress's stock closed as high as $21.00, significantly higher than the consideration in the current offer. Furthermore, at least one analyst has set a target price for optionsXpress stock at $21.00 per share. Additionally, on January 27, 2011, optionsXpress reported strong fourth quarter 2010 results that beat analyst expectations. It reported sales of $55.54 million compared to Wall Street consensus of $54.04 million and diluted earnings per share of $0.20 compared to a consensus of $0.195.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/optionsxpress-holdings-inc/
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