NEW YORK, April 19, 2017 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Swift Transportation
Company (NYSE: SWFT)("SWFT" or the "Company") in connection with
their approval of the proposed the merger of the Company with
Knight Transportation, Inc. ("KNX"). Under the terms of the
agreement, SWFT shareholders will receive 0.72 of a share of the
newly combined company for each share they own; representing
consideration of $22.07, based on
KNX's April 7 closing price.
Conversely, shareholders of KNX will enjoy a one-for-one exchange
ratio where each share of KNX will be converted for a share of the
newly combined company.
WeissLaw is investigating whether SWFT's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the per-share consideration is $5.11 lower than the Company's 52-week high of
$27.18, and nearly $8.00 lower than the analyst target price of
$30.00. Additionally,
shareholders of SWFT will own a mere 54% of the combined company, a
position which Aegis Capital Corp analyst Jeffrey Kauffman affirms "feels light [] despite
[SWFT] contributing 77% of the consolidated revenues and
approximately 67% of the consolidated EBITDA;" SWFT reported annual
revenues of $4.03 million for fiscal
year 2016, nearly three and a half times larger than the
$1.11 million reported by KNX in the
same year.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell SWFT and whether SWFT shareholders will
obtain their fair and proportionate share of the Company's
continued success and future growth prospects. If you own
SWFT shares and would like more information about your rights or
our investigation, or if you have information to share with us,
please contact Joshua Rubin by
telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud, or
anti-trust violations, please email us at
stockinfo@weisslawllp.com or fill out the form on our
website,
http://www.weisslawllp.com/swift-transportation-company-swft/
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SOURCE WeissLaw LLP