NEW YORK, March 15, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Asset Acceptance Capital Corp. ("Asset Acceptance" or the "Company") (Nasdaq:AACC) of claims of breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Encore Capital Group Inc. (Nasdaq:ECPG). A complaint was filed in Michigan state court.
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Under the terms of the transaction, Asset Acceptance shareholders will receive $6.50 per share of Asset Acceptance stock they own; shareholders may elect to receive the consideration in cash, Encore stock, or a combination. The transaction has a total approximate value of $200 million. The claims concern whether the Asset Acceptance Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Encore Capital Group Inc. is underpaying for Asset Acceptance shares, thus unlawfully harming Asset Acceptance stockholders. In particular, at least one analyst set a price target for Asset Acceptance stock at $8.00 per share.
If you own common stock in Asset Acceptance and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://zlk.9nl.com/asset-acceptance-capital-aacc/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP