SHAREHOLDER ALERT: Brower Piven Announces the Investigation of Cobra Electronics Corp. in Connection with the Proposed Sale o...
September 01 2014 - 9:16AM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Cobra Electronics Corporation
(“Cobra”) (Nasdaq: COBR) concerning the proposed sale of Cobra to
Monomoy Capital Partners (“Monomoy”).
Under the terms of the proposed transaction, Monomoy, a private
equity firm, will commence a tender offer within ten business days
to acquire all outstanding shares of Cobra common stock for $4.30
per share. The proposed offer price values Cobra at well below
Cobra’s June book value of $5.83 per share. The offer price is also
below the 52-week trading high of Cobra common stock of $4.35 per
share. The proposed transaction is expected to close in the fourth
quarter of 2014.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors breached their fiduciary
duties by failing to maximize shareholder value before agreeing to
enter into the transaction, and whether Monomoy is underpaying for
Cobra shares.
If you currently own common stock of Cobra and would like to
learn more about the investigation being conducted by Brower Piven,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-6616hoffman@browerpiven.com
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