SAN DIEGO, June 3, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of The First Marblehead Corporation (NYSE: FMD) breached their fiduciary duties in connection with the proposed sale of the Company to FP Resources USA Inc.
First Marblehead is a specialty finance company that focuses on the education financing marketplace in the United States.
On June 3, 2016, First Marblehead announced it had signed a definitive merger agreement with FP Resources. Under the terms of the agreement, First Marblehead stockholders will receive $5.05 per share in cash.
The investigation concerns whether the First Marblehead board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for First Marblehead shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration. For the period ending March 31, 2016 First Marblehead reported having over $40 million in cash and short term investments and no long term debt. The 52 week high for First Marblehead stock is $6.49.
If you are a shareholder of First Marblehead and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP