Robbins Umeda LLP Announces an Investigation of Pep Boys – Manny, Moe & Jack
January 30 2012 - 8:28PM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of Pep
Boys – Manny, Moe & Jack (NYSE: PBY) in connection with their
efforts to sell the company to The Gores Group. Concerned
shareholders who would like more information about their rights and
potential remedies can contact attorney Gregory E. Del Gaizo at
800-350-6003, info@robbinsumeda.com, or via the shareholder
information form on the firm's website.
On January 30, 2012, it was announced that Pep Boys entered into
a definitive merger agreement pursuant to which The Gores Group
will acquire all outstanding shares of Pep Boys' common stock in an
all-cash transaction. According to the terms of the deal, Pep Boys'
shareholders will receive $15.00 for each share of the company they
own. The transaction is expected to close during the second quarter
of 2012.
Robbins Umeda LLP's investigation focuses on whether Pep Boys'
Board is undertaking a fair process to obtain maximum value and
adequately compensate shareholders. At least two leading market
analysts have released target prices for Pep Boys that value the
company's stock at $16.00 and $17.00 per share, considerably higher
than the value being offered by The Gores Group as a part of the
proposed transaction.
In addition, the firm is investigating whether self-dealing and
other employment guarantees played a part in the decision by Pep
Boys' Board to enter into the agreement with The Gores Group.
According to the terms of the deal, Mike Odell, Pep Boys’ President
and Chief Executive Officer, along with other members of the senior
management team, are slated to continue in their roles with the
company after the completion of the transaction.
Robbins Umeda attorneys highlight that Pep Boys' shareholders
have the option to file a class action lawsuit against the company
to secure the best possible price for the company's shareholders
and the disclosure of material information to shareholders so they
can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/pep-boys/
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