Levi & Korsinsky is investigating the Board of Directors of Citadel Broadcasting Corporation (OTC: CDELA.PK) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Cumulus Media, Inc.
New York, NY, March 11, 2011 — Levi & Korsinsky is investigating the Board of Directors of Citadel Broadcasting Corporation (“Citadel” or the “Company”) (OTC: CDELA.PK) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Cumulus Media, Inc. (“Cumulus”) (Nasdaq: CMLS). Under the terms of the transaction, Citadel shareholders can elect to receive $37.00 per share or 8.525 shares of Cumulus common stock for each Citadel share they own. The transaction has a total value of approximately $2.4 billion.
Click here to learn how to join the action: http://www.zlk.com/citadel-broadcasting-cdela.html, or call: 877-363-5972.
The investigation concerns whether the Citadel Board of Directors breached their fiduciary duties to Citadel stockholders by failing to adequately shop the Company before entering into this transaction and whether Cumulus is underpaying for Citadel shares, thus unlawfully harming Citadel stockholders.
If you own common stock in Citadel and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/citadel-broadcasting-cdela.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street – 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com
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Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St, 15th Floor
New York, NY 10004
212-363-7500
[email protected]
