Law Office of Brodsky & Smith, LLC Announces Investigation of New Frontier Media, Inc.
20 Outubro 2012 - 1:00AM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
New Frontier Media, Inc. (“New Frontier” or the “Company”) (Nasdaq:
NOOF) relating to the proposed acquisition by LFP Broadcasting,
LLC. (“LFP”).
Under the terms of the transaction, New Frontier shareholders
will receive only $2.02 in cash, plus a contingent cash payment of
no more than $0.06 per share of New Frontier common stock if New
Frontier’s available cash balance at closing of the proposed
acquisition exceeds $11.514 million, for each share of New Frontier
common stock they own. The investigation concerns possible breaches
of fiduciary duty and other violations of state law by the Board of
Directors of New Frontier for not acting in the Company’s
shareholders' best interests in connection with the sale process to
LFP. The transaction may undervalue the Company as New Frontier
stock traded at $2.13 on February 9, 2011 and an analyst has set a
$4.00 per share price target on New Frontier.
If you own shares of New Frontier stock and wish to discuss the
legal ramifications of the proposed transaction, or have any
questions, you may e-mail or call the law office of Brodsky &
Smith, LLC who will, without obligation or cost to you, attempt to
answer your questions. You may contact Jason L. Brodsky, Esquire or
Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza,
Suite 602, Bala Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com visiting
http://brodsky-smith.com/488-noof-new-frontier-media-inc.html, by
calling toll free 877-LEGAL-90.
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