Harwood Feffer LLP Announces Investigation of A.C. Moore Arts & Crafts, Inc.
October 04 2011 - 04:46PM
Business Wire
Harwood Feffer LLP (www.hfesq.com)
is investigating potential claims against the board of directors of
A.C. Moore Arts & Crafts, Inc. (“A.C. Moore” or the “Company”)
(NASDAQ: ACMR) concerning the proposed acquisition of the Company
by an affiliate of Sbar’s Inc. (“Sbar’s”).
On October 4, 2011, A.C. Moore announced it had entered into a
definitive agreement pursuant to which the Company would be
acquired by Sbar’s. Under the terms of the agreement, A.C. Moore
stockholders will receive $1.60 in cash for each share of Company
stock held. A.C. Moore stock has traded as high as $3.40 per share
in the last year and $2.44 per share as recently as July 6, 2011.
According to Yahoo Finance, the median analyst target price for the
stock is $2.50 and at least one analyst has set a target price of
$3.00 per share.
Our investigation concerns whether the board of directors has
breached its fiduciary duties by failing to adequately shop the
Company and whether the board undertook a fair process and obtained
fair consideration for A.C. Moore stockholders.
Harwood Feffer has been representing individual and
institutional investors for many years, serving as lead counsel in
numerous cases in federal and state courts. Please visit the
Harwood Feffer LLP website (http://www.hfesq.com) for more
information about the firm.
If you own A.C. Moore shares and wish to discuss this matter
with us, or have any questions concerning your rights and interests
with regard to this matter, please contact:
Robert I. Harwood, Esq.Peter W. Overs, Jr., Esq.Benjamin
Sachs-MichaelsHarwood Feffer LLP488 Madison AvenueNew York, New
York 10022Phone Numbers: (877) 935-7400(212)935-7400Email:
rharwood@hfesq.compovers@hfesq.combsachsmichaels@hfe.comWebsite:
http://www.hfesq.com
Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm
responsible for this advertisement is Harwood Feffer LLP
(www.hfesq.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter.
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