Robbins Umeda LLP Is Investigating GSI Commerce, Inc. Acquisition for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of GSI Commerce, Inc. The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of GSI Commerce (NASDAQ: GSIC) in connection with their efforts to sell GSI Commerce to eBay Inc. (NASDAQ: EBAY).
On March 28, 2011, eBay announced that it entered into a merger agreement to acquire GSI Commerce. Under the current agreement, GSI Commerce shareholders will receive $29.25 in cash for each share of GSI Commerce common stock they hold. The transaction is expected to close in the third quarter of 2011.
The investigation is focused on whether GSI Commerce's board is undertaking a fair process to obtain maximum value for all GSI Commerce shareholders. At least nine analysts have set price targets for GSI Commerce higher than the current offer. Further, on February 8, 2011, GSI Commerce issued fiscal year 2011 guidance of $1.8 billion in revenues and adjusted the earnings before interest, taxes, depreciation, and amortization of $190 million, well above consensus estimates of $1.57 billion and $169 million, respectively.
If you own stock in GSI Commerce and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.
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