Rigrodsky & Long, P.A. Investigates Buyout of Citadel Broadcasting Corporation - CDELA.PK, CDELB.PK

  • Do you own Citadel Broadcasting Corporation common stock?
  • Did you purchase your shares prior to March 10, 2011?
  • Do you feel the Company's sale to Cumulus Media Inc. is unfair?
  • Do you want to discuss your rights?

If the answer to these questions is "yes," please contact the deal lawyers at Rigrodsky & Long, P.A. ("R & L") today to schedule a FREE consultation. Just call us, or fill out our contact form so that we can call at your convenience. Your consultation will not create any obligation to use our services at any time.

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R & L is national law firm with decades of combined legal experience. R & L is investigating potential claims against the board of directors of Citadel Broadcasting Corporation concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Cumulus Media Inc. in a transaction with a  total value of approximately $2.4 billion.

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Rigrodsky & Long, P.A. Investigates Buyout of Citadel Broadcasting Corporation - CDELA.PK, CDELB.PK

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Citadel Broadcasting Corporation (“Citadel” or the “Company”) (OTC: CDELA.PK, CDELB.PK) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Cumulus Media Inc. (“Cumulus”) (Nasdaq: CMLS) in a transaction with a  total value of approximately $2.4 billion.

Under the proposed agreement, each outstanding share of Citadel common stock will be converted into the right to receive, at the election of its holder, either $37.00 in cash or 8.525 shares of Cumulus common stock for each share of Citadel they own.

The investigation concerns whether Citadel’s board of directors adequately shopped the Company and obtained the best price possible for Citadel’s shareholders or whether they put their interests above of those of the Company’s shareholders before entering into the agreement with Cumulus.

If you own the common stock of Citadel and purchased your shares before March 10, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising.  Prior results do not guarantee a similar outcome.

R & L, with offices in Delaware and New York, litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising.  Prior results do not guarantee a similar outcome.

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