DALLAS, Jan. 30, 2012 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe
and the securities litigation firm of Powers Taylor, LLP are
investigating the sale of The Pep Boys – Manny, Moe & Jack
("Pep Boys" or "PBY") (NYSE: PBY) to The Gores Group. Under
the proposed going private transaction, Pep Boys shareholders will
receive only $15.00 in cash for each
share of Pep Boys/PBY stock owned, which is substantially less than
the target price for PBY recently announced by analysts.
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If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
The definitive acquisition agreement involves an all cash
transaction with a total enterprise value of approximately
$1 billion. The deal is
expected to close in the second fiscal quarter of 2012.
The investigation centers on whether Pep Boys shareholders are
receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues Pep Boys' stock, and whether
Pep Boys' board attempted to obtain the highest share price for all
shareholders prior to agreeing to the deal. According to
shareholder rights attorney Willie
Briscoe, "Although the acquisition price represents an
approximate 24% premium over the closing price of Pep Boys shares
the day prior to the buyout announcement, Pep Boys shares closed at
$14.67 per share as recently as
February 2011. Further, according to Yahoo! Finance, at least
one analyst has projected that the true going forward value of Pep
Boys shares is at least $17 per
share. Based on these and other factors, we are investigating
whether the transaction undervalues Pep Boys stock. Our
lawsuit will seek to obtain the highest share price for all
shareholders."
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP