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June 30, 2009
NEW YORK, June 30, 2009 (GLOBE NEWSWIRE) — Levi & Korsinsky (”L&K”) is investigating the Board of Directors of First Advantage Corporation (”First Advantage” or the “Company”) (Nasdaq:FADV) for possible breaches of fiduciary duty and other violations of state law in connection with a proposed sale of the Company to First American Corporation (NYSE:FAF) (”First American”). Under the terms of the proposal, First Advantage stockholders will receive 0.5375 shares of First American common stock for each share of the First Advantage they own. Based on the June 26, 2009 closing price of the common stock of First American, the proposed exchange ratio represents an offer price of $14.04 per First Advantage share.
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WASHINGTON — Foes of Supreme Court nominee Sonia Sotomayor celebrated the high court’s reversal of her decision in a reverse discrimination case.
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MINNEAPOLIS — Democrat Al Franken says he’s “so thrilled” to finally be celebrating a victory after nearly eight months of recounts and courtroom fights in Minnesota’s Senate race.
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DALLAS, June 30, 2009 (GLOBE NEWSWIRE) — Kendall Law Group, led by a former federal judge and U.S. Attorney, is investigating shareholder claims arising from Tween Brands’ (NYSE:TWB) proposed merger with Dress Barn (Nasdaq:DBRN).
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DALLAS, June 30, 2009 (GLOBE NEWSWIRE) — Kendall Law Group, led by a former federal judge and U.S. Attorney, is investigating shareholder claims arising from the acquisition of First Advantage Corp. (Nasdaq:FADV) by First American Corp. (NYSE: FAF).
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WASHINGTON (Reuters) - The Obama administration sent Congress a draft bill on Tuesday to create a new agency with sweeping powers to impose tough consumer protection rules for banks, mortgage lenders and other financial firms, setting up a summer-long political brawl over the plan.
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BALA CYNWYD, Pa., June 30, 2009 (GLOBE NEWSWIRE) — Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of First Advantage Corp. (”First Advantage” or the “Company”) (Nasdaq:FADV) related to the proposed merger with First American Corp. (”First American”) (NYSE:FAF) in an all stock deal. First American has offered First Advantage shareholders $0.5375 a share for their stock. Based on First American’s closing price on June 29, 2009, the deal is presently worth $13.84 a share for First Advantage holders. In addition to First American’s significant representation on the Board of First Advantage due to owning approximately 75% of First Advantage’s stock, the deal appears to be undervalued given the fact that as of June 29th, First Advantage stock was trading at over $15.00 a share, more than the current offer.
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BALA CYNWYD, Pa., June 30, 2009 (GLOBE NEWSWIRE) — Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Cell Genesys, Inc. (”Cell Genesys” or the “Company”) (Nasdaq:CEGE) related to the proposed merger with BioSante Pharmaceuticals, Inc. (”BioSante”) (Nasdaq:BPAX) in an all stock deal. BioSante has offered Cell Genesys shareholders $0.1615 a share for their stock. Based on BioSante’s closing price on June 29, 2009, the deal is presently worth $0.347 a share for Cell Genesys shareholders, with the total consideration being approximately $38 million. The deal appears to be unfair, in part, given the fact that since April 2009, Cell Genesys stock has traded at or above the offer price and as recently as May 2008 traded at over $0.68 a share. Moreover, the 200 day Moving Average on BioSante shares is only $1.75.
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WASHINGTON, D.C. - Strip-searching a student suspected of hiding pain relievers that were considered contraband by her school violated the Fourth Amendment to the U.S. Constitution, a divided U.S. Supreme Court ruled June 25; however, the court majority ruled that the administrators who were involved in the search are protected under qualified immunity because the law was not clearly established at the time of the search (Safford Unified School District #1, et al. v. April Redding, et al., No. 08-479, U.S. Sup.).
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HARRISBURG, Pa. - A federal judge in Pennsylvania on June 16 denied a food products manufacturer’s emergency motion for a stay pending appeal of an order enjoining it from refusing to sell its product to a discriminated distributor on the same terms as they were sold to a favored distributor (Feesers, Inc. v. Michael Foods, Inc., et al., No. 04-0576, M.D. Pa.; See May 2009).
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