NEW YORK—National law firm Levi & Korsinsky L.L.P. is investigating TRW Automotive Holdings Corp.'s board of directors for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to ZF Friedrichshafen A.G.
ZF Friedrichshafen recently announced that it plans to acquire TRW Automotive Holdings in an all-cash transaction valued at about $13.5 billion on an enterprise value basis.
Under the terms of the transaction, TRW Automotive stockholders will receive $105.60 U.S. for each TRW Automotive share they own. Levi & Korsinsky said its investigation concerns whether the TRW's board “breached their fiduciary duties to stockholders by failing to adequately shop the company before agreeing to enter into this transaction, and whether ZF Friedrichshafen A.G. is underpaying for TRW Automotive shares.”
Levi & Korsinsky claims that “at least one analyst set a price target for TRW Automotive stock at $120 per share.”
More about the investigation is available by clicking here.
The firm has offices in New York, New Jersey, Connecticut and Washington, D.C. Levi & Korsinsky said its 26 attorneys “have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits.”
A search of the law firm's website indicates it makes a practice of investigating corporate financial deals. For instance, it recently launched a probe of Sears Holdings Corp. after the company announced Sept. 15 that it had entered into a $400 million short-term loan with affiliates of Sears CEO Edward Lampert and his hedge fund, ESL Investments.