Faruqi & Faruqi, LLP is Investigating Archon Corporation (ARHN) for Potential Breaches of Fiduciary Duties
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Archon Corporation (“Archon” or the “Company”) (OTC US: ARHN) for potential breaches of fiduciary duties in connection with their conduct related to the proposed sale of the Company to Esplanade Capital LLC, the Company’s second largest outside shareholder, in an all-cash deal valued at approximately $101 million. The proposed transaction offers Archon’s shareholders $17.50 in cash for each share of Archon common stock they own.
The investigation focuses on whether Archon’s Board of Directors is acting in accordance with their fiduciary duties to Archon’s stockholders to conduct an adequate and fair sales process to sell the Company, whether the proposed transaction adequately values the Company’s shares, and whether Archon’s Board of Directors is properly negotiating a price increase for the proposed transaction.
If you own common stock in Archon and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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