Law Offices of Howard G. Smith Announces Investigation of M&F Worldwide Corp.
June 15 2011 - 8:45PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
M&F Worldwide Corp. (“MFW” or the “Company”) (NYSE: MFW)
related to the announcement that MacAndrews & Forbes Holdings
Inc. has proposed a transaction to acquire the remaining shares of
MFW. Under the proposed transaction MFW shareholders will receive
$24.00 per share in a cash for stock transaction.
The investigation concerns whether the board of directors of MFW
breached their fiduciary duties to stockholders in connection with
the proposed transaction and whether the Company has disclosed all
material information to shareholders about the transaction.
Specifically, the Company has seen substantial growth over the past
year. The Company’s net income rose from a net loss of $4.2 million
in 2007 to a net income of $120.9 million in 2010. Additionally,
the Company’s stock traded as high as $26.38 per share as recently
as April 7, 2011, meaning that MFW shareholders will be receiving a
discount if the deal is completed. MacAndrews & Forbes Holdings
Inc. already owns approximately 43% of the Company’s outstanding
stock.
If you are a shareholder of MFW, if you have information or
would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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