Law Office of Brodsky & Smith, LLC Announces Investigation of LaBranche & Co., Inc.
February 17 2011 - 10:30PM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
LaBranche & Co., Inc. (“LaBranche” or the “Company”) (NYSE -
LAB) relating to the proposed acquisition by Cowen Group, Inc.
(“Cowen”).
Under the terms of the transaction, LaBranche shareholders would
receive 0.9980 shares of Cowen Class A stock for each share of
LaBranche stock they own. Based on the prior day closing price,
this values LaBranche stock at approximately $4.71 per share. The
investigation concerns possible breaches of fiduciary duty and
other violations of state law by the Board of Directors of
LaBranche by not acting in LaBranche shareholders' best interests
in connection with the sale process to Cowen. The transaction may
undervalue LaBranche as LaBranche stock traded at $4.99 as recently
as January 8, 2011 and an analyst has set a price target of $7.00
per share on LaBranche stock.
If you own shares of LaBranche 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/265-lab-labranche--co-inc.html, or by
calling toll free 877-LEGAL-90.
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