Law Offices of Howard G. Smith Announces Investigation of Asset Acceptance
BENSALEM, Pa. -- March 11, 2013
Law Offices of Howard G. Smith announces that it is investigating potential
claims against the Board of Directors of Asset Acceptance Capital Corp.
(“Asset Acceptance” or the “Company”) (NASDAQ: AACC) related to the proposed
acquisition of the Company by Encore Capital Group Inc. The transaction is
valued at approximately $200 million, or $6.50 per share. Under the terms of
the deal, shareholders will have the option to receive the consideration in
cash, Encore stock, or a combination of the two.
This investigation concerns whether the Board of Directors of Asset Acceptance
breached their fiduciary duties to stockholders by failing to adequately shop
the Company before agreeing to enter into the proposed transaction, and
whether the Company has disclosed all material information to shareholders
about the transaction. The Company has seen substantial recent growth. Its
share price has skyrocketed from $2.86 on November 21, 2011 to $7.97 on
October 15, 2012. Further, at least one analyst has set a target price for the
Company’s stock at $8 per share.
If you are a shareholder of Asset Acceptance, if you have information or would
like to learn more about our investigation, or if you wish to discuss these
matters or have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at
888-638-4847, or by email to firstname.lastname@example.org, or visit our
website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847 or Toll-Free: 888-638-4847
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