(MENAFN- PR Newswire) NEW YORK, Feb. 21, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of E*TRADE Financial Corporation ("ETFC" or the "Company") (NASDAQ: ETFC ) in connection with the proposed acquisition of the Company by Morgan Stanley ("MS") (NYSE: MS ). Under the terms of the acquisition agreement, ETFC shareholders will receive 1.0432 shares of MS for each ETFC share they own. This represents consideration of $58.74 based on the closing price of MS on February 19, 2020. The transaction is expected to close in the fourth quarter of 2020.
If you own ETFC shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
http://www.weisslawllp.com/e-trade-financial-corporation/
Or please contact: Joshua Rubin, Esq. WeissLaw LLP1500 Broadway, 16th FloorNew York, NY 10036 (212) 682-3025 (888) 593-4771
WeissLaw is investigating whether ETFC's Board acted to maximize shareholder value prior to entering into the acquisition agreement. At least one analyst set a target price of $62.00, or $3.26 above the per-share consideration.
In addition, the transaction is anticipated to "significantly increase the scale and breadth of [MS]'s Wealth Management franchise, and positions [MS] to be an industry leader in Wealth Management across all channels and wealth segments."
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at
SOURCE WeissLaw LLP
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