Federman & Sherwood Investigates Zipcar, Inc. for Possible Breaches of Fiduciary Duty
The law firm of Federman & Sherwood has initiated an investigation into
Zipcar, Inc. (NASDAQ: ZIP) (“Zipcar”) with respect to possible breaches
of fiduciary duty by the company’s officers and directors, as well as
violations of state law, in connection with the take-over bid offer by
Avis Budget Group Inc. (NASDAQ: CAR) (“AVIS”).
On January 2, 2013, Zipcar announced that it had agreed to be acquired
by AVIS, whereby AVIS would acquire all outstanding shares of Zipcar
common stock in a cash offer of approximately $12.25 per Zipcar share,
or approximately $491.2 million, which from all outward appearances,
undervalues the company significantly since analysts have recently given
Zipcar a target share price at $13.00 per share, and that the offer
price does not offer a large premium to Zipcar shareholders.
Federman & Sherwood is investigating whether: (1) the information being
provided to Zipcar shareholders makes all necessary disclosures with
respect to the proposed sales transaction; (2) whether the proposed sale
to AVIS offers adequate long-term value to Zipcar shareholders; and (3)
whether Zipcar could have received a higher per share price for its
shareholders had the officers and directors aggressively sought other
purchasers for the company.
If you currently own common stock in Zipcar, Inc. and purchased your
shares before January 2, 2013, have information to assist in our
investigation of this transaction, or have any questions or concerns
regarding this notice or preservation of your rights, please contact
William B. Federman. Federman & Sherwood has extensive nationwide
experience in representing investors in securities, derivative and
merger-related shareholder class actions, and has been appointed as lead
counsel in multiple complex cases.