NEW YORK, July 2, 2015 /PRNewswire/ -- Morgan & Morgan announces that it is investigating potential claims against the board of directors of Xoom Corporation ("Xoom" or the "Company") (NasdaqGS: XOOM) for potential breaches of fiduciary duties in connection with the sale of the Company to PayPal, Inc. ("PayPal") for approximately $890 million.
On July 1, 2015, Xoom announced it had signed a definitive merger agreement with PayPal. Under the terms of the transaction, Xoom stockholders will only receive $25.00 in cash for each share of Xoom common stock they own. One analyst has set a price target of $32.00 per share of Xoom stock.
Morgan & Morgan's investigation concerns whether the board of directors of the Company breached its fiduciary duties to act in the best interests of Xoom's shareholders.
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