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Tue, September 27, 2011Mon, September 26, 2011Fri, September 23, 2011Thu, September 22, 2011Wed, September 21, 2011Tue, September 20, 2011Mon, September 19, 2011Fri, September 16, 2011Thu, September 15, 2011Law Offices of Howard G. Smith Announces Investigation of OPENLANE, Inc.
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Published in House and Home on Tuesday, September 20th 2011 at 16:10 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
LOS ANGELES--([ BUSINESS WIRE ])--Law Offices of Howard G. Smithannounces that it is investigating potential claims against the Board of Directors of OPENLANE, Inc. ( aOPENLANEa or the aCompanya) (Pink Sheets:OPNN) related to the sale of the Company to ADESA, Inc., a wholly owned subsidiary of KAR Auction Services, Inc. The transaction is valued at approximately $210 million, plus an increase for excess cash on OPENLANEa™s balance sheet at closing, which represents a value of approximately $8.30 per OPENLANE share. A complaint has been filed in Delaware state court.
The investigation concerns whether the Board of Directors of OPENLANE 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.
If you are a shareholder of OPENLANE, if you have information or would like to learn more about these claims, 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 [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].