NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky is investigating the Board of Directors of Zipcar, Inc. (“Zipcar” or the “Company”) (NasdaqGS: ZIP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Avis Budget Group, Inc. (NasdaqGS: CAR).
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Under the terms of the transaction, Zipcar shareholders will receive $12.25 per share of Zipcar stock they own. The transaction has a total approximate value of $500 million. Zipcar shareholders representing approximately 31% of the Company’s stock have agreed to vote in favor of the deal. The investigation concerns whether the Zipcar Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Avis Budget Group, Inc. is underpaying for Zipcar, thus unlawfully harming Zipcar stockholders. In particular, Zipcar stock has traded above the merger consideration as recently as April 25, 2012. Furthermore, at least one analyst has set a price target for Zipcar stock at $13.00 per share.
If you own common stock in Zipcar 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/zipcar-zip/.
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.