NEW YORK, July 25, 2016 /PRNewswire/ -- WeissLaw LLP
is investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Golden Enterprises
Inc. ("GLDC" or the "Company") in connection with the proposed
acquisition of the Company by Utz Quality Foods, Inc. ("Utz").
On July 19, 2016, the Company
announced that it had reached a definitive agreement for Utz to
acquire all outstanding shares of GLDC. Under the terms of
the agreement, GLDC shareholders will receive $12.00 in cash for each GLDC share they
own.
WeissLaw is investigating whether GLDC's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, GLDC recently announced positive financial results for the
quarter ended March 4, 2016. It
reported "net sales increased 11.6% . . . [and] total revenues for
the same quarter were up 3.7%." Additionally, the acquisition
of GLDC will increase Utz's value-based share of the savory snack
market from 1.4% to 1.7%, representing an increase of approximately
21.5%.
Given these facts, WeissLaw is investigating whether GLDC's
Board acted in the best interests of GLDC's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own GLDC shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP