NEW YORK, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Acorn International, Inc. (NYSE: ATV) breached their fiduciary duties or violated the federal securities laws in connection with the company’s merger with First Ostia Port Ltd.
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On October 12, 2020, Acorn announced that it had signed an agreement to be acquired by First Ostia. Pursuant to the merger agreement, Acorn stockholders will receive $1.05 in cash for each share of Acorn common stock owned and $21 in cash per American Depositary Share (“ADS”) owned. The deal is scheduled to close in the fourth quarter of 2020.
Bragar Eagel & Squire is concerned that Acorn’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Acorn’s stockholders.
If you own shares of Acorn and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at firstname.lastname@example.org or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.