Business & Finance
Business and Finance
Business and Finance
Mon, March 21, 2011 The Briscoe Law Firm Investigates optionsXpress Holdings, Inc. for Shareholders Concerning the Acquisition by Charles Swab
DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of optionsXpress Holdings, Inc. (aoptionsXpressa or aOXPSa) (NASDAQ: OXPS) related to the proposed buyout of optionsXpress by the Charles Schwab Corporation (aCharles Schwaba). The definitive merger agreement involves a stock-for-stock transaction valued at approximately $1 billion in which optionsXpress shareholders will receive a fixed ration of 1.02 shares of Charles Schwab stock for each share of optionsXpress/OXPS common stock they hold.
The investigation relates to the fairness of the proposed transaction to optionsXpress shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of optionsXpress for approving this transaction, and whether optionsXpressa™ Board of Directors acted in the shareholdersa™ best interests. In addition, the firms seek to determine through their investigation whether optionsXpressa™ Board of Directors obtained the best value for shareholders and adequately considered all viable alternatives.
In particular, based on the closing price of Charles Schwab stock prior to the announcement, the acquisition represents a price of approximately $17.91 per share to optionsXpress shareholders. However, according to Thompson/First Call, at least one analyst has set a target price for optionsXpress stock as high as $21.00 per share. Based on this and other factors, the firms do not believe that the acquisition price is fair to optionsXpress/OXPS shareholders.
If you currently own shares of optionsXpress/OXPS and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
