NEW YORK--(BUSINESS WIRE)--Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of PRIMEDIA Inc. (NYSE: PRM) arising from its proposed acquisition by an affiliate of TPG Capital for $7.10 per share. The acquisition is expected to close in the third quarter of 2011.
Weiss & Lurie is investigating whether PRIMEDIA’s Board acted in the best interests of shareholders in approving the transaction and whether the Board adequately shopped the Company prior to entering into the acquisition agreement. Notably, stockholders holding approximately 58% of the outstanding PRIMEDIA common stock have executed a written consent approving the transaction. Therefore, no additional PRIMEDIA stockholder action is required to complete the transaction.
If you own PRIMEDIA shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Joshua M. Rubin either by email at info@weisslurie.com or by telephone at (888) 593-4771.
Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (such as insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading press releases or SEC filings), consumer fraud (such as false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at info@weisslurie.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/.
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