Shareholder Alert: The Briscoe Law Firm Investigates Student Loan Corporation's Board Concerning the Buy-Out by Discover Financial Services
Tuesday, September 21, 2021 11:00 AM

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Sep. 21, 2010 (Business Wire) -- The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Student Loan Corporation (“Student Loan”) (NYSE: STU) related to the proposed acquisition of Student Loan by Discover Financial Services.

The acquisition agreement, which was announced on September 17, 2010, involves a transaction valued at approximately $600 million under which STU shareholders will receive $30.00 in cash for each share of Student Loan/STU common stock they hold. In a separate, but related, transaction, Student Loan will sell $28 billion in securitized federal student loans to Sallie Mae and $8.7 billion in federal and private student loans and assets to Citibank.

Student Loan’s book value has been estimated as high as $65 per share, and the company’s shares closed at over $50.00 per share in January 2010. Based on historical share values and other aspects of the proposed agreement, the investigation concerns whether the proposed share price is fair to Student Loan/STU shareholders. In addition, the investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of STU for approving this transaction and whether STU’s Board of Directors acted in the shareholders’ best interests.

If you currently own shares of Student Loan/STU and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

Powers Taylor, LLP
Patrick Powers, 877-728-9607
patrick@powerstaylor.com
or
The Briscoe Law Firm, PLLC
Willie Briscoe, 877-397-5991
WBriscoe@TheBriscoeLawFirm.com


(Source: Business Wire )
 

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