SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of New Frontier Media, Inc. in Connection with the Sale of the Company to LFP Broadcasting, LLC
NEW YORK--(BUSINESS WIRE)-- Levi & Korsinsky is investigating the Board of Directors of New Frontier Media, Inc. ("New Frontier Media" or the "Company") (NasdaqGS: NOOF) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to LFP Broadcasting, LLC, an affiliate of L.F.P., Inc.
Click here to learn more about the investigation: http://zlk.9nl.com/new-frontier-media, or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, New Frontier Media shareholders will receive $2.02 per share of New Frontier Media, plus a contingent cash payment of no more than $0.06 per share if New Frontier Media's available cash balance at the closing of the tender offer—less unpaid transaction expenses—exceeds $11,514,000. The investigation concerns whether the New Frontier Media Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether LFP Broadcasting, LLC is underpaying for New Frontier Media shares, thus unlawfully harming New Frontier Media stockholders. In particular, at least one analyst set a price target for New Frontier Media stock at $4.00 per share.
If you own common stock in New Frontier Media and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/new-frontier-media.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
KEYWORDS: United States North America New York Pennsylvania
The article SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of New Frontier Media, Inc. in Connection with the Sale of the Company to LFP Broadcasting, LLC originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.