Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Pactiv Corporation
Levi & Korsinsky is investigating the Board of Directors of Pactiv Corporation (“Pactiv” or the “Company”) (NYSE: PTV) for possible breaches of fiduciary duty and other violations of state law.
New York, NY, August 18, 2010 — Levi & Korsinsky is investigating the Board of Directors of Pactiv Corporation (“Pactiv” or the “Company”) (NYSE: PTV) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Reynolds Group Holdings Limited (“Reynolds”). Under the terms of the transaction, Pactiv shareholders will receive $33.25 in cash for each Pactiv share of common stock they own for a total transaction value of approximately $6.0 billion.
The investigation concerns whether the Pactiv Board of Directors breached their fiduciary duties to Pactiv stockholders by failing to adequately shop the Company before entering into this transaction and whether Reynolds is underpaying for Pactiv shares, thus unlawfully harming Pactiv stockholders. In particular, analysts set a median price target for Pactiv stock at $34.00 per share with one analyst setting a price target for Pactiv stock at $35.00 per share.
If you own common stock in Pactiv and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/pactiv-corporation-ptv.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.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street – 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Fax: (212) 363-7171, www.zlk.com
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Contact:
Jared Morine
Levi & Korsinsky
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
jmorine@zlk.com
http://www.zlk.com