Quote:
Originally Posted by Chiefshrink
Slip and fall lawyers - "don't ya just love 'em??  |
On that note, I own some shares of stock in a company that got a buyout offer recently. It's been a great stock for me for a decade or so, and was trading at $75 a share. Presumably that's the market value.
Some larger company offered them $85 a share, which is very nice. The price jumped $10 a share pretty quickly. It would seem logical that unless there's some huge inside information that hasn't been shared yet, $85 is above market and a very good price.
Well, at least 8 or 9 law firms have now announced that they're "investigating class-action suits" against the company to determine "whether $85 is a fair price". I know how this will end - the sleazy law firms will make some deal where they get a cash settlement and the shareholders get some absolutely useless "settlement" that gives them some free stock trades or something.
Also, in case anyone wonders whether insider trading happens, the stock was trading at $75 and then inexplicably gained about a dollar a day over the course of five days before the $85 price was announced, and then it shot up to $85. So ... why did it go up in the days beforehand? There was no news, nothing of interest. It just went up.