First the Announcement, Then The Obligatory Lawsuit Filings.
March 10, 2011
You wonder if these lawsuits are real or just publicity stunts by law firms grasping for straws. Almost immediately after the announcement was made that Cumulus was buying Citadel two law firms fired out press releases to make sure the "deal is fair". From New York City, Harwood Feffer is investigating Citadel for "potential claims against the board of directors." "Our investigation concerns whether the board of directors is undertaking a fair process to obtain fair consideration for all shareholders of Citadel" the release says. It then gives an 877 number for shareholders to call. The release says Harwood Feffer is a national shareholder litigation firm. "Harwood Feffer LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide."
And from Dallas the Briscoe Law Firm sends out a similar release. "We are investigating potential legal claims against the board of directors of Citadel related to the proposed buyout of Citadel Broadcasting by Cumulus Media, Inc. The investigation relates to the fairness of the proposed transaction to Citadel Broadcasting shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Citadel Broadcasting for approving this transaction, and whether Citadel Broadcasting’s Board of Directors acted in the shareholders’ best interests.
It almost looks as if the exact same press release wording is used by both law firms. Could that be?
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