SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Official Payments Holdings, Inc. In Connection With Sale Of Company to ACI Worldwide, Inc. - Action News 5 - Memphis, Tennessee
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by Board of Official Payments Holdings, Inc. In Connection With Sale Of Company to ACI Worldwide, Inc.
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SOURCE Levi & Korsinsky, LLP
NEW YORK, Sept. 30, 2013 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Official Payments Holdings, Inc. ("Official Payments" or the "Company") (NasdaqGM: OPAY) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to ACI Worldwide, Inc. (NasdaqGS: ACIW).
Under the terms of the transaction, Official Payments shareholders will receive $8.35 for each share of Official Payments stock they own. The transaction has an approximate total value of $109 million. The investigation concerns whether the Official Payments Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether ACI Worldwide, Inc. is underpaying for Official Payments shares. In particular, at least one analyst set a price target of $10.00 per share of Official Payments.
Levi & Korsinsky is a national firm with offices in New York, New Jersey 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.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com