Zeldes & Haeggquist, LLP Announces Investigation of Fisher Communications, Inc.’s Acquisition by Sinclair Broadcast Group, Inc.
Zeldes
& Haeggquist, LLP, a shareholder and consumer rights litigation
firm, has commenced an investigation into possible legal claims against
the Board of Directors of Fisher
Communications, Inc. (“Fisher”) (NASDAQ: FSCI). The investigation
concerns possible breaches of fiduciary duties and other violations of
law related to Fisher’s entry into an agreement to be acquired by
Sinclair Broadcast Group, Inc. (“Sinclair”) (NASDAQ: SBGI).
Seattle-based Fisher is a media company which owns 20 Pacific
Northwest-area television stations and three Seattle-area radio
stations. On April 11, 2013, Sinclair announced its acquisition of
Fisher. The deal is valued at approximately $373 million.
Zeldes & Haeggquist’s investigation concerns whether Fisher’s Board of
Directors failed to adequately shop Fisher to obtain the best possible
value for its shareholders before entering into an agreement with
Sinclair. Under the terms of the proposal, public shareholders of Fisher
will receive $41 per share in cash. Analysts note that although Sinclair
has generated positive cash flow over the years, it has a weak balance
sheet with negative equity. To acquire Fisher, Sinclair will have to
incur more debt, resulting in an even weaker balance sheet.
If you own stock of Fisher and purchased your shares before April 11,
2013, and would like additional information regarding this
investigation, or if you have information regarding the matters under
investigation, please contact attorney Aaron M. Olsen or Amber L. Eck at
619-342-8000, or by email at aarono@zhlaw.com
or ambere@zhlaw.com.
Zeldes & Haeggquist is a full-service law firm which brings major class
actions nationwide on behalf of defrauded investors and consumers and
handles a variety of complex business litigation matters. Please visit www.zhlaw.com
or our blog
for more information about the firm.
