NEW YORK, Nov. 26, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of TD Ameritrade Holding Corp. ("AMTD" or the "Company") (NASDAQ: AMTD) in connection with the proposed acquisition of the Company by The Charles Schwab Corporation ("SCHW") (NASDAQ: SCHW). Under the terms of the acquisition agreement, AMTD shareholders will receive 1.0837 shares of SCHW for each share they own, representing consideration of $51.67 based on SCHW's November 22 opening price.
If you own AMTD shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether AMTD's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, AMTD shares traded for $52.17, or $0.50 above the per-share consideration, as recently as July. Additionally, the per-share consideration is $6.21 less than the Company's 52-week high of $57.88.
Moreover, the Company recently announced positive financial results for the fiscal year ended September 30, 2019. It reported new client assets of $93 billion and client trades per day of approximately 860,000, setting new records for the Company and representing growth of 7% and 6% respectively. It also reported an impressive 72% growth in non-GAAP net income.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org
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SOURCE WeissLaw LLP