New Frontier Media Buyout Investigated by Securities Attorneys at The Briscoe Law Firm and Powers Taylor, LLP
DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the proposed New Frontier Media Buyout for shareholders. New Frontier Media, Inc. ("New Frontier")(NasdaqGS: NOOF) announced that it entered into a definitive merger agreement with LFP Broadcasting, LLC, an affiliate of L.F.P., Inc. Under the terms of the transaction valued at approximately $33 million, New Frontier shareholders will receive only $2.02 in cash for each share of NOOF common stock owned, plus the option to receive an additional $0.06 per share if New Frontier's available cash balance at the closing of the offer, less unpaid transaction expenses, exceeds $11,514,000. The proposed transaction price is well below at least one analyst's estimated value of $4.00 per share.
There is no cost or fee for you to join the action. Thus, if you are an affected investor, and you want to learn more about the lawsuit or join the action, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com.
Shareholder rights attorney Willie Briscoe stated that, "Our investigation relates to the fairness of the proposed price for New Frontier shareholders and whether the Board of Directors is adequately shopping the company in order to obtain the best possible price for the shareholders." Notably, according to at least one analyst with Yahoo! Finance, the true inherent value of NOOF stock could be as high as $4.00 a share. The proposed lawsuit will seek to obtain the highest possible price for each share of New Frontier stock owned.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a Dallas litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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The article New Frontier Media Buyout Investigated by Securities Attorneys at The Briscoe Law Firm and Powers Taylor, LLP originally appeared on Fool.com.
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