Zeldes & Haeggquist, LLP has commenced an investigation into possible legal claims against the Board of Directors of Archon Corp. (“Archon”) (OTC US: ARHN). The investigation concerns possible breaches of fiduciary duties and other violations of law related to the proposed sale of Archon to Esplanade Capital, LLC (“Esplanade”) in an all-cash deal valued around $101 million.
Archon owns and operates a casino, the Pioneer Hotel & Gambling Hall, in Laughlin, Nevada. Esplande is Archon’s second-largest outside shareholder. Zeldes & Haeggquist’s investigation concerns whether Archon’s Board of Directors is adequately shopping the company to obtain the best possible value for its shareholders before entering into an agreement with Esplanade. Under the terms of the proposal, shareholders of Archon’s common stock will receive $17.50 per share in cash.
If you own stock of Archon, and would like additional information regarding this investigation, or if you have information regarding the matters under investigation, please contact attorney Aaron M. Olsen or Amber L. Eck at 619-342-8000, or by email at email@example.com or firstname.lastname@example.org.