BALA CYNWYD, PA / ACCESSWIRE / June 12, 2020 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Bitauto Holdings Limited ("Bitauto" or the "Company") (BITA) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the agreement to merge with an investor group backed by gaming and social media firm Tencent Holdings Ltd. ("Tencent Holdings"). Under the terms of the agreement, Bitauto shareholders will receive only $16.00 for each share of Bitauto they own.
The investigation concerns whether the Bitauto Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Tencent Holdings is underpaying for the Company. For example, the 12-month average analyst price target for Bitauto is $18.00 per share, including one analyst who set a target price of $20.00 per Bitauto share.
If you own shares of Bitauto stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, visit http://www.brodskysmith.com/cases/bitauto-holdings-limited-nyse-bita/, or call toll free 877-534-2590.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Law office of Brodsky & Smith, LLC
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