SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

September 19, 2011 13:28 ET

The Law Firm of Levi & Korsinsky, LLP Notifies Shareholders of Claims of Breaches of Fiduciary Duty by the Board of OPENLANE, Inc. in Connection With the Sale of Company to ADESA, Inc.

NEW YORK, NY--(Marketwire - Sep 19, 2011) - Levi & Korsinsky notifies shareholders of OPENLANE, Inc. ("OPENLANE" or the "Company") (PINKSHEETS: OPNN) 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 ADESA, Inc., a wholly owned subsidiary of KAR Auction Services, Inc. The transaction has a total approximate value of $210 million, plus an increase for excess cash on OPENLANE's balance sheet at closing, which represents a value of approximately $8.30 per OPENLANE share. A complaint was filed in Delaware state court.

Click here to learn how to join the action: http://zlk.9nl.com/openlane-opnn/, or call: 877-363-5972.

The claims concern whether the OPENLANE Board of Directors breached their fiduciary duties to OPENLANE stockholders by failing to adequately shop the Company before entering into this transaction and whether ADESA is underpaying for OPENLANE shares, thus unlawfully harming OPENLANE stockholders.

If you own common stock in OPENLANE 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, or http://www.zlk.com/openlane-opnn.html.

Levi & Korsinsky is a national firm with offices in New York, California and Washington D.C. The firm 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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. 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