SOURCE: Levi & Korsinsky LLP

September 11, 2009 14:13 ET

Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Marvel Entertainment, Inc. - MVL

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.

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