The Law Firm of Levi & Korsinsky, LLP Notifies Investors of Claims of Breaches of Fiduciary Duty by the Board of Sonesta Inte...
24 November 2011 - 4:18AM
Marketwired
Levi & Korsinsky notifies investors of Sonesta International
Hotels Corporation ("Sonesta" or the "Company") (NASDAQ: SNSTA) of
claims of breaches of fiduciary duty and other violations of state
law against the board of directors of the Company in connection
with the sale of the Company to Sonesta Acquisition Corporation, an
affiliate of Hospitality Properties Trust. Under the terms of the
transaction, Sonesta shareholders will receive $31.00 for each
share of Sonesta stock they own. The transaction has a total
approximate value of $174 million, including the assumption of
debt. A complaint was filed in New York state court.
Click here to learn how to join the action:
http://zlk.9nl.com/sonesta, or call: 877-363-5972.
The claims concern whether the Sonesta Board of Directors
breached their fiduciary duties to Sonesta stockholders by failing
to adequately shop the Company before entering into this
transaction and whether Sonesta Acquisition Corporation is
underpaying for Sonesta shares, thus unlawfully harming Sonesta
stockholders. Shareholders owning approximately 55% of Sonesta's
outstanding shares have agreed to tender their shares.
If you own common stock in Sonesta and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free:
(877) 363-5972, or http://zlk.9nl.com/sonesta-international/.
Levi & Korsinsky is a national firm with offices in New
York, California and Washington D.C. The firm has extensive
expertise in prosecuting investor securities litigation involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation. The attorneys at Levi & Korsinsky have been
appointed by numerous courts throughout the country to serve as
lead counsel on behalf of shareholders in major litigations
involving mergers and acquisitions. For more information, please
feel free to contact any of the attorneys listed below. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard
Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004
Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171
www.zlk.com
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