Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating a potential breach of fiduciary duty claims against the Board of Directors of Pzena Investment Management, Inc. (NYSE: PZN) (“Pzena” or the “Company”) relating to the sale of the Company to co-founder Richard Pzena and other insiders of Pzena Investment Management, LLC, Pzena’s operating company. Company co-founders Richard Pzena, John Goetz and William Lipsey collectively hold approximately 94.1% combined voting control over Pzena. The parties have announced that they reached an agreement in principle pursuant to which Pzena will be taken private and merge with and into a newly formed subsidiary of Pzena Investment Management, LLC. As a result of the merger, Pzena shareholders are only anticipated to receive $9.60 per share in cash in exchange for each share of Pzena.
Andrews & Springer’s investigation so far has revealed that the consideration Pzena shareholders are expected to receive is inadequate. One analyst at PriceTarget Research set a $18.00 per share price target as recently as July 8, 2022. Our investigation has also revealed that the process leading up to the announcement of the merger appears to have significant conflicts of interest thus making the process and consideration unfair.
If you own shares of Pzena and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/pzena-merger-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
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Contacts
Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013
