SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

February 21, 2012 12:27 ET

The Law Firm of Levi & Korsinsky, LLP Notifies Investors of Claims of Breaches of Fiduciary Duty by the Board of Advance America, Cash Advance Centers, Inc. in Connection With the Sale of the Company to Grupo Elektra, S.A.B. de C.V.

NEW YORK, NY--(Marketwire - Feb 21, 2012) - Levi & Korsinsky notifies investors of Advance America, Cash Advance Centers, Inc. ("Advance America " or the "Company") (NYSE: AEA) of claims of breaches of fiduciary duty and other violations of state law against the Board of Directors of the Company in connection with the sale of the Company to Grupo Elektra, S.A.B. de C.V. (BMV: ELEKTRA.MX). Under the terms of the agreement, Advance America shareholders will receive $10.50 per share of Advance America stock they own. The transaction has a total approximate value of $780 million. A complaint was filed in Delaware state court.

Click here to learn how to join the action: http://www.zlk.com/advance-america-aea, or call: 877-363-5972. There is no cost or obligation to you.

The claims concern whether the Advance America Board of Directors breached their fiduciary duties to Advance America stockholders by failing to adequately shop the Company before entering into this transaction and whether Grupo Elektra, S.A.B. de C.V. is underpaying for Advance America shares, thus unlawfully harming Advance America stockholders. In particular, at least one analyst set a price target of $11.00 per Advance America share.

If you own common stock in Advance America and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, http://www.zlk.com.

Levi & Korsinsky has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com