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SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP
NEW YORK, Sept. 24, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Official Payments Holdings, Inc. ("Official Payments" or the "Company") (NASDAQ: OPAY) (ISIN: US67623R1068) (CUSIP: 67623R1068) concerning the proposed acquisition of Official Payments by ACI Worldwide.
The investigation concerns whether the Official Payments directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Official Payments shareholders will receive $8.35 per share in cash for each share of Official Payments common stock. However, the Price to Total Assets and Book Value multiples are below the average of comparable transactions. Moreover, at least one Analyst has set a target price of $10.00 per share for Official Payments, and the Company's stock closed above the offered price on September 19, 2013.
Official Payments shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at email@example.com or 212-661-1100 or 888-476-6529, ext. 237.
The firm is also investigating actions on behalf of shareholders for the following companies: Eastern Insurance Holdings, Inc.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
212-661-1100 ext. 237
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