LITTLE ROCK, Ark., Feb. 14, 2011 (GLOBE NEWSWIRE) -- Emerson Poynter LLP, with offices in Little Rock, Arkansas and Houston, Texas, is investigating into possible breaches of fiduciary duty to current shareholders of Hughes Communications, Inc. ("Hughes") (Nasdaq:HUGH) and other violations of state law by the Board of Directors of Hughes relating to the proposed acquisition of the company by EchoStar Corp. ("EchoStar"). The firm's investigation seeks to determine whether Hughes and its Board breached their fiduciary duties by failing to adequately shop the Company before entering into a transaction and whether EchoStar is underpaying for Hughes shares.
On February 14, 2011, Hughes and EchoStar jointly announced that they had entered into a definitive merger agreement for Hughes to be acquired by EchoStar. Under the terms of the agreement, each stockholder of Hughes common stock will receive $60.70 per share in cash. This price represents a 1.7% discount of Hughes' closing stock price on February, 11, 2011, and Hughes stock was recently trading as high as $64 per share in January. The deal is valued at $1.3 billion, and EchoStar is further acquiring $700 million of Hughes' debt. By midday, shares of HUGH stock had fell 4%.
If you are a shareholder of HUGH stock and would like more information about your rights as a shareholder, please contact us.
Emerson Poynter LLP has a national and international class-action legal practice with offices in Little Rock, Arkansas and Houston, Texas. Emerson Poynter handles complex commercial litigation with a concentration in those cases that involve violations of federal and state securities or antitrust laws, the Employee Retirement Income Security Act of 1974 ("ERISA"), and consumer protection laws. It has substantial experience in litigating large complex class-action cases and serves in a leadership position in numerous cases.