STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Zipcar, Inc. (“Zipcar” or the “Company”) (Nasdaq: ZIP) and other violations of state law by the board of directors of Zipcar relating to the proposed acquisition of the Company by Avis Budget Group, Inc. (“Avis”). The firm’s investigation seeks to determine, among other things, whether Zipcar’s board of directors breached their fiduciary duties by failing to maximize shareholder value.
Under the terms of the proposed transaction, Zipcar shareholders will receive $12.25 in cash for each share of common stock they own. The transaction is currently being valued at $500 million. According to Yahoo! Finance, the high analyst price target is $13.00 per Zipcar share.
If you currently own common stock of Zipcar and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.