Press release from Business Wire
Federman & Sherwood Investigates Zipcar, Inc. for Possible Breaches of Fiduciary Duty
Wednesday, January 09, 2013
OKLAHOMA CITY (Business Wire) -- The law firm of Federman & Sherwood has initiated an investigation into Zipcar, Inc. (NASDAQ: ZIP) (“Zipcar”) with respect to possible breaches of fiduciary duty by the company's officers and directors, as well as violations of state law, in connection with the take-over bid offer by Avis Budget Group Inc. (NASDAQ: CAR) (“AVIS”).
On January 2, 2013, Zipcar announced that it had agreed to be acquired by AVIS, whereby AVIS would acquire all outstanding shares of Zipcar common stock in a cash offer of approximately $12.25 per Zipcar share, or approximately $491.2 million, which from all outward appearances, undervalues the company significantly since analysts have recently given Zipcar a target share price at $13.00 per share, and that the offer price does not offer a large premium to Zipcar shareholders.
Federman & Sherwood is investigating whether: (1) the information being provided to Zipcar shareholders makes all necessary disclosures with respect to the proposed sales transaction; (2) whether the proposed sale to AVIS offers adequate long-term value to Zipcar shareholders; and (3) whether Zipcar could have received a higher per share price for its shareholders had the officers and directors aggressively sought other purchasers for the company.
If you currently own common stock in Zipcar, Inc. and purchased your shares before January 2, 2013, have information to assist in our investigation of this transaction, or have any questions or concerns regarding this notice or preservation of your rights, please contact William B. Federman. Federman & Sherwood has extensive nationwide experience in representing investors in securities, derivative and merger-related shareholder class actions, and has been appointed as lead counsel in multiple complex cases.
FEDERMAN & SHERWOOD
William B. Federman, 405-235-1560