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Zipcar, Inc. (ZIP) Message Board

  • nycwest nycwest Jan 7, 2013 4:36 PM Flag

    NEWSPAPER ARTICLE - LAWSUIT FILED (DAYS LEFT FOR SHAREHOLDERS TO JOIN)

     

    Class Challenges Acquisition of Zipcar

    By STEVE TWEEDY

    (CN) - Zipcar, Inc. shareholders are challenging a takeover by Avis in a shareholder class action lawsuit.

    According to shareholder Chen Yang, who owns over 10,000 shares, the deal undercuts the company's true value. "Each of the individual defendants breached their fiduciary duties owed to ZIP and its stockholders in furtherance of their plan to protect and advance their own interests, at the expense of and to the detriment of ZIP and its public stockholders," the complaint states. "Among other things, the individual defendants have agreed to sell the company at an unfairly low price."
    Yang said ZIP directors and executive "have clear and material conflicts of interest and are acting to better their own interests and the interests of ZIP's other senior managers and directors at the expense of the company and its public shareholders."
    "Defendants have initiated a process to sell ZIP that undervalues the company and vests them with benefits that are not shared equally by ZIP's public shareholders - a clear effort to take advantage of the temporary depression in ZIP's stock price," the complaint states. "In addition, by agreeing to the proposed transaction. Defendants have capped the price of ZIP at a price that does not adequately reflect the company's true value."
    The prominant law firm Tripp Levy PLLC represents the class. Tripp Levy PLLC 877-772-3975

    This topic is deleted.
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