LITTLE ROCK, Ark., April 21, 2010 (GLOBE NEWSWIRE) -- Emerson Poynter LLP (www.emersonpoynter.com), a national law firm with offices in Little Rock, Arkansas and Houston, Texas, announces that it has launched an investigation into possible breaches of fiduciary duty by the Board of Directors of CyberSource Corporation ("CyberSource" or the "Company") (Nasdaq:CYBS) and other violations of state law in connection with CyberSource's Board of Directors attempt to sell the Company to Visa Inc. ("Visa") (NYSE:V). Under the terms of the transaction, CyberSource shareholders will receive $26.00 in cash for each CyberSource share of common stock they own for a total transaction value of approximately $2.0 billion.
For the quarter ending December 31, 2009, CyberSource reported total revenue of $76.094 million and net income of $5.080 million as compared to total revenue and net income of $65.662 million and $2.694 million, respectively, for the prior quarter. The investigation concerns whether the CyberSource Board of Directors breached their fiduciary duties to CyberSource stockholders by failing to adequately shop the Company before entering into this transaction and whether Visa is underpaying for CyberSource shares, thus unlawfully harming CyberSource stockholders.
Emerson Poynter LLP handles complex commercial litigation with a concentration in those cases that involve violations of federal and state securities or antitrust laws, the Employee Retirement Income Security Act of 1974 ("ERISA"), and consumer protection laws. It has substantial experience in litigating large complex class-action cases and serves in a leadership position in numerous cases.
If you are a shareholder of CyberSource and would like more information about your rights as a shareholder, please contact us.