NEW YORK, March 21, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of optionsXpress Holdings ("OXPS") relating to possible breach of fiduciary duties in connection with a proposed merger agreement with The Charles Schwab Corporation ("Schwab"). Certain stockholders representing 22.9% of optionsXpress stock have signed a voting agreement committing to vote these shares in favor of the transaction.
Under the terms of this agreement, OXPS stockholders will receive 1.02 shares of Schwab stock for each share of OXPS stock. Based on Schwab's closing stock price as of March 18, 2011, the transaction values each OXPS share at $17.91, resulting in a total transaction value of approximately $1.0 billion. At least one analysts had recently targeted OXPS stock at $21.00 per share.
Following the completion of the acquisition, Mr. Fisher will continue to lead the OXPS as its President and a Schwab Senior Vice President.
Launched in 2001 and headquartered in Chicago, OXPS is a pioneer in retail online brokerage services focused on equity options and futures. As of February 28, 2011, OXPS had 385,200 client accounts, $8.1 billion in client assets and a 12 month average of 44,800 daily average revenue trades.
OXPS shareholders seeking more information about this acquisition are advised to contact Gustavo F. Bruckner, Esq. at firstname.lastname@example.org or 212-661-1100 (ext. 302) or toll free at 888-476-6529, (ext. 302). Shareholders may also contact Rachelle R. Boyle at email@example.com or 212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) 212-661-1100 (ext. 237) firstname.lastname@example.org