NEW YORK, Feb. 13, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Orbitz Worldwide, Inc. ("OWW" or the "Company") by Expedia, Inc. ("Expedia") is being investigated by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of OWW for agreeing to sell the Company to Expedia. On February 12, 2015, the Company announced a definitive agreement for Expedia to acquire OWW in a transaction valued at approximately $1.3 billion. Under the terms of the agreement, OWW shareholders will receive $12.00 in cash for each OWW share they own.
WeissLaw is investigating whether OWW's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced positive financial results. It reported net revenue of $221 million in the fourth quarter 2014, representing a 12% increase year-over-year. Additionally, the offer price represents a mere 2% premium over the Company's January 20, 2015 52-week high of $11.76.
Given these facts, WeissLaw is investigating whether OWW's Board acted in the best interests of OWW's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Expedia. If you own OWW shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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WeissLaw LLP
Joshua Rubin
Kelly Keenan
1500 Broadway, 16th Floor
New York, NY 10036
T: 212.682.3025
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www.weisslawllp.com
stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP