SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into The Proposed Sale Of Trade Street Residential, Inc. And Encou...
13 May 2015 - 5:46AM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Trade Street Residential, Inc.
(“Trade Street” or the “Company”) (Nasdaq: TSRE) relating to the
proposed buyout of the Company by Independence Realty Trust, Inc.
(“IRT”).
Under the terms of the transaction, Trade Street shareholders
are anticipated to receive 0.4108 shares of IRT and $3.80 in cash
for each share of Trade Street common stock owned. Based on IRT's
closing price on May 8, 2015, Trade Street shareholders would have
received compensation valued at approximately $7.32 per share. The
transaction may undervalue Trade Street and may result in a
substantial loss for many shareholders. For example, according to
Yahoo! Finance, at least one Wall Street analyst has issued a price
target for Trade Street stock at $8.50 per share.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company’s shares of common
stock.
If you currently own common stock of Trade Street and believe
that the proposed buyout price is too low, or you would like to
learn more about the investigation being conducted by Brower Piven,
please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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