SOURCE: Levi & Korsinsky LLP

September 17, 2009 18:26 ET

Levi & Korsinsky LLP Announces Class Action Lawsuit Against NYFIX, Inc. - NYFX

NEW YORK, NY--(Marketwire - September 17, 2009) - Levi & Korsinsky announces that a class action lawsuit has been filed in New York state court challenging the proposed acquisition of NYFIX, Inc. ("NYFIX" or the "Company") (NASDAQ: NYFX). The complaint arises out of the announcement by NYFIX stating that it had entered into a definitive merger agreement with NYSE Euronext, Inc. (NYSE: NYX). Under the terms of the agreement, NYFIX shareholders will receive $1.675 in cash for each share of NYFIX they own for a total transaction value of approximately $144 million, including preferred stock consideration.

The complaint alleges that the consideration offered is inadequate because it is less than the intrinsic value of the Company and that the NYFIX Board of Directors breached their fiduciary duties by agreeing to a strict "no solicitation" provision and a $5 million termination fee which will all but ensure that no superior offer will ever be forthcoming.

The companies expect to consummate the transaction in the fourth quarter of 2009, subject to customary closing conditions, including all necessary regulatory and stockholder approvals.

If you own common stock in NYFIX and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/nyfx1.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