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If you purchased shares of the LML Payment Systems, Inc. (NASDAQ:LMLP) prior to September 25, 2012, and currently hold any of those NASDAQ:LMLP shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
Sept. 25, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in LML Payment Systems, Inc. (NASDAQ:LMLP) shares was announced concerning whether the offer by Digital River, Inc to acquire LML Payment Systems, Inc. for $3.45 per NASDAQ:LMLP share and the takeover process are unfair to investors in NASDAQ:LMLP shares.
The investigation by a law firm concerns whether certain officers and directors of LML Payment Systems, Inc. breached their fiduciary duties owed to LML Payment Systems, Inc. (NASDAQ:LMLP investors in connection with the proposed acquisition.
On September 25, 2012, Digital River, Inc. (NASDAQ: DRIV) and LML Payment Systems Inc. (NASDAQ: LMLP) announced the signing of an agreement whereby Digital River will acquire LML Payment Systems Inc. in an all cash transaction valued at U.S. $3.45 per share, or an aggregate purchase price of approximately U.S. $102.8 million.
However, shares of LML Payment Systems, Inc. (NASDAQ:LMLP) traded in 2011 as high as $5.52 per share.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NASDAQ:LMLP stockholders.
Specifically, the investigation focuses on whether the LML Payment Systems Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
