The Law Firm of Weiss & Lurie Investigates Dreams, Inc.
April 17 2012 - 6:02PM
Business Wire
Weiss & Lurie, a national class action and shareholder
rights law firm with offices in New York City and Los Angeles, is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Dreams, Inc. (NYSE
Amex: DRJ) arising from its agreement for Dreams to be acquired by
Fanatics, Inc. for $3.45 per share. The transaction is expected to
close during the third quarter of 2012.
Weiss & Lurie is investigating whether the Dreams Board
acted in the best interests of shareholders in approving this deal.
Notably, Dreams recently reported “another record year” with a 27%
increase in revenue to $141.7 million in 2011, and management
expects 2012 revenue to be approximately $175 million. Fanatics’
offer price represents a mere 13% premium over the Company’s recent
52-week high of $3.04 per share on March 26, 2012. Indeed, prior to
the deal announcement, analysts following the Company had set the
target price for Dreams stock above the offer price, with a high
target of $5.00 per share.
Moreover, several insiders, collectively owning approximately
35% of the outstanding shares of Dreams, have entered into
agreements by which they have committed to vote in favor of the
proposed merger, thereby diluting the shareholder vote.
If you own Dreams shares and would like more information about
your rights as a shareholder or additional information concerning
our investigation, please contact Julia J. Sun either by email at
info@weisslurie.com or by telephone at (888) 593-4771.
Weiss & Lurie 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
institutions and individuals and obtained important corporate
governance in 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
issuing materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at info@weisslurie.com or fill out the form on our
website, http://www.weisslurie.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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