NEW YORK, Oct. 18, 2013 /PRNewswire/ -- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Official Payments Holdings, Inc. ("Official Payments" or the "Company") (NasdaqGM: OPAY) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to ACI Worldwide, Inc. (NasdaqGS: ACIW) in a cash deal valued at approximately $109 million. Under the terms of the proposed transaction, Official Payments stockholders will receive $8.35 in cash for each share of Official Payments common stock they own. At least one analyst on Yahoo! Finance has assigned a target price of $10.00 for the Company. Moreover, Official Payments' closing price was $8.50 on September 20, 2013.
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The investigation focuses on whether Official Payments' Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Official Payments' shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in Official Payments and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/OPAY or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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