Law Firm Brower Piven Announces Investigation of A.C. Moore Arts & Crafts, Inc.
October 04 2011 - 3:28PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of A.C. Moore Arts & Crafts, Inc.
(“A.C. Moore”) (NASDAQ: ACMR) and other violations of state law by
the board of directors of A.C. Moore relating to the proposed
acquisition of the company by Sbar’s, Inc. (“Sbar’s”). The firm’s
investigation seeks to determine, among other things, whether the
board breached their fiduciary duties by failing to maximize
shareholder value.
On October 4, 2011, A.C. Moore announced that it had entered
into a definitive agreement to be acquired by Sbar’s for $1.60 per
share in cash, or an aggregate purchase price of approximately
$40.8 million. According to the press release, this represents a 68
percent premium to A.C. Moore’s closing price on October 3, 2011,
the day before the transaction was announced. However, at least one
analyst on Yahoo! Finance set a high price target of $3.00 per
share of A.C. Moore common stock.
If you currently own shares of A.C. Moore and would like to
learn more about the investigation being conducted by Brower Piven,
you may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925
Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and other
class action cases of over 60 years.
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