NEW YORK--(BUSINESS WIRE)--The Law Offices of Vincent Wong are investigating the Board of Directors of Citadel Broadcasting Corporation (OTC: CDELA.PK) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Cumulus Media, Inc. (Nasdaq: CMLS). Under the terms of the proposed transaction, Citadel shareholders can elect to receive $37.00 per share or 8.525 shares of Cumulus common stock for each Citadel share they own. The transaction has a total value of approximately $2.4 billion.
The investigation concerns whether the Citadel Board of Directors breached their fiduciary duties to Citadel stockholders by failing to adequately shop the Company before entering into this transaction and whether Cumulus is underpaying for Citadel shares, thus unlawfully harming Citadel stockholders.
If you own common stock in Citadel and wish to obtain additional information, please contact Vincent Wong, Esq. either via email email@example.com, by telephone at 212.584.2740, or visit http://www.wongesq.com/citadel.html.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
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