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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Morgan Stanley | NYSE:MS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.12 | 1.21% | 93.77 | 94.42 | 93.28 | 93.34 | 1,960,168 | 17:01:48 |
SAN DIEGO, Feb. 20, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of E*TRADE Financial Corporation (NASDAQ: ETFC) ("E*TRADE") breached their fiduciary duties in connection with the proposed sale of the Company to Morgan Stanley (NYSE: MS).
On February 20, 2020, E*TRADE announced that it had signed a definitive merger agreement with Morgan Stanley. Under the terms of the deal, E*TRADE stockholders will receive 1.0432 Morgan Stanley shares for each E*TRADE share, which represents per share consideration of $58.74 based on the closing price of Morgan Stanley's common stock on February 19, 2020. However, shareholders will be subject to the future price fluctuation of Morgan Stanley's stock price.
The investigation concerns whether the E*TRADE board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for E*TRADE shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings growth; also, one Wall Street analyst has a $62.00 price target on the stock.
If you are a shareholder of E*TRADE and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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View original content:http://www.prnewswire.com/news-releases/etfc-alert-johnson-fistel-investigates-proposed-sale-of-etrade-financial-are-shareholders-getting-a-fair-deal-301008436.html
SOURCE Johnson Fistel, LLP
Copyright 2020 PR Newswire
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