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 Fax: (212) 363-7171 www.zlk.com
Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Marvel Entertainment, Inc. - MVL
| Source: Levi & Korsinsky LLP
NEW YORK, NY--(Marketwire - September 11, 2009) - Levi & Korsinsky announces that a class action
lawsuit has been filed in New York state court challenging the proposed
acquisition of Marvel Entertainment, Inc. ("Marvel" or the "Company")
(NYSE : MVL ). The complaint arises out of the announcement by Marvel stating
that it had entered into a definitive merger agreement with Walt Disney Co.
("Walt Disney") (NYSE : DIS ). Under the terms of the agreement, Marvel
shareholders would receive a total of $30 per share in cash plus
approximately 0.745 Disney shares for each Marvel share they own for a
total transaction value of approximately $4 billion. The transaction values
Marvel shares at approximately $50 per share, based on the $26.84 closing
price of Walt Disney stock the day prior to the announcement. The complaint
alleges that the consideration offered is inadequate because it is less
than the intrinsic value of the Company.
For fiscal year 2008, Marvel has reported revenues of $676 million and net
income of $205 million, as compared to revenues of $485 million and income
of $139 million for fiscal year 2007.
The companies expect to consummate the transaction before the end of 2009,
subject to customary closing conditions, including all necessary regulatory
and stockholder approvals.
If you own common stock in Marvel and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/mvl1.html.
Levi & Korsinsky has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial fraud
and represents investors throughout the nation, concentrating its practice
in securities and shareholder litigation.