Newman Ferrara LLP is investigating potential claims against the Board of Directors of New Frontier Media Inc. (“New Frontier”) (Nasdaq: NOOF) concerning the proposed acquisition of New Frontier by LFP Broadcasting, LLC (“LFP”), an affiliate of L.F.P., Inc.
On October 15, 2012, New Frontier announced that it had entered into a definitive agreement to be acquired by LFP in an all cash deal valued at approximately $33 million. Under the terms of the agreement, New Frontier’s shareholders will receive $2.02 in cash per share of New Frontier common stock owned, plus a contingent cash payment of no more than $0.06 per share of New Frontier common stock owned if New Frontier’s available cash balance at the closing of the proposed acquisition exceeds $11.514 million. New Frontier’s Board of Directors has unanimously approved the proposed acquisition which is expected to close during the fourth quarter of this year.
Newman Ferrara LLP’s investigation concerns whether New Frontier’s Board of Directors has breached its fiduciary duties by failing to act in the best interests of New Frontier’s shareholders and failing to adequately shop New Frontier before entering into the proposed transaction with LFP.
Concerned investors are encouraged to contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or email@example.com to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
Attorney: Roy Shimon, 212-619-5400
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