SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors of an Investigation Regarding Whether the Merger of Asta Funding, Inc. with its Controlling Shareholder is Fair to ASFI Shareholders
New York, New York--(Newsfile Corp. - June 4, 2020) - The following statement is being issued by Levi & Korsinsky, LLP:
To: All Persons or Entities who purchased Asta Funding, Inc. (NASDAQ: ASFI) ("Asta" or the "Company") stock prior to April 8, 2020 and still hold the stock.
You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Asta with the Stern Group, a controlling group comprised of Gary Stern (Chairman, President and Chief Executive Officer of the Company), Ricky Stern, and certain related parties. Under the terms of the proposed merger, shareholders of Asta will receive $11.47 in cash for each share that they own.
On May 22, 2020 RBF Capital LLC ("RBF") reported to be a holder of 8.8% of the Asta's common stock, sent a letter to the Asta Board of Directors, proposing to acquire all of the outstanding shares of Asta not currently held by RBF for a price of $13.00 per share in cash (the "May 20 Letter"; and such proposal, the "Proposal"), representing a 13% premium to the Stern Group's proposed purchase price. Despite the facially superior terms of this proposal, the Asta Board has not publicly responded to it.
The Asta merger investigation seeks to determine whether the Asta Board or the Stern Group are breaching their fiduciary duties to minority stockholders by paying an unfair price or preventing the public stockholders from receiving the benefit of a superior offer.
To learn more about the action and your rights, go to:
or contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500. There is no cost or obligation to you.
Levi & Korsinsky is a nationally recognized firm with offices in New York, Connecticut, California, and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57294