US Airways Group, Inc. Investor Investigation Concerning Takeover Rumor

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Company Name(s): 
US Airways Group
Affected Securities: 

After several media reports indicated that US Airways Group, Inc. might be the next takeover target an investigation on behalf of investors of US Airways Group, Inc. (NYSE:LCC) over possible breaches of fiduciary duties was announced.

The investigation by a law firm concerns whether US Airways Group, Inc. and certain of its officers and directors or others will breach or breached their fiduciary duties owed to US Airways Group, Inc. (NYSE:LCC) investors in connection with the takeover rumors or in the event of a takeover.

According to media outlets, the CEO of US Airways said his company is the last major airline left to be sold, and his carrier could perhaps join hands with its three biggest rivals.
CEO Doug Parker reportedly said at a press event “that deal could happen one day, or it might not,”
In fact, US Airways Group, Inc. performed financially well for its investors in the past. US Airways Group’s 12 months Total Revenue increased from $10.458billion in 2009 to $11.908billion in 2010. Its Net Income rose from a Net Loss of $205million for 2009 to a Net Income of $502million for 2010.
Shares of US Airways Group, Inc. (NYSE: LLC) increased from as low as $2.04 per share during July 2009 to over $11.70 during 2010.

Therefore the investigation by a law firm questions whether a potential sale process and the potential price would be unfair to the shareholders of US Airways Group, Inc. (NYSE:LCC). The investigation focuses whether the US Airways Group board of directors will undertake an adequate and fair sales process to obtain fair consideration for all shareholders of US Airways Group, Inc. (NYSE:LCC) and will breach their fiduciary duties to US Airways Group (LCC) shareholder by failing to adequately shop the Company before entering into any transaction. In addition the investigation seeks also to determine if any officer, director or any insiders violated any laws in connection with the takeover rumors. The investigation concerns also whether an acquirer would underpay for NYSE:LCC shares, thus unlawfully harming LCC investors. A potential class action lawsuit would seek to maximize the amount of money and information US Airways Group, Inc. shareholders would receive in a buyout, so the law firm.