BALA CYNWYD, Pa., Jan. 3, 2013 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Zipcar, Inc. ("Zipcar" or the "Company") (Nasdaq: ZIP) relating to the proposed acquisition by Avis Budget Group, Inc. ("Avis").
Under the terms of the transaction, Zipcar shareholders will receive only $12.25 in cash for each share of Zipcar stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Zipcar for not acting in the Company's shareholders' best interests in connection with the sale process to Avis. The transaction may undervalue the Company and will result in a loss for many shareholders. For example Zipcar stock traded at $15.00 as recently as May 27, 2012 and $28.69 on May 10, 2011. In addition, an analyst has set a price target for Zipcar at $13.00 per share.
If you own shares of Zipcar 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 [email protected] visiting http://brodsky-smith.com/521-zip-zipcar-inc.html, by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC