NEW YORK, May 22, 2015 /PRNewswire/ – Faruqi & Faruqi, LLP, a leading national securities firm, is investigating the Board of Directors of Trade Street Residential, Inc. ("Trade Street" or the "Company") (Nasdaq: TSRE) for potential breaches of fiduciary duties in connection with the sale of the Company to Independence Realty Trust, Inc. ("IRT") (NYSE MKT: IRT) in a cash and stock deal. According to the terms of the deal, the Company's stockholders will receive $3.80 in cash and 0.4108 shares of IRT for each share of Trade Street common stock they own.
The deal values each Trade Street share at approximately $7.60, based on an agreed upon reference price of $9.25 for IRT shares. Analysts have set price targets as high as $9.50 for a share of Trade Street.
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The investigation focuses on whether Trade Street's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Trade Street's shareholders.
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If you own common stock in Trade Street and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/TSRE or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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