Law Office of Brodsky & Smith, LLC Announces Investigation of A.C. Moore Arts & Crafts, Inc.
October 04 2011 - 11:49AM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
A.C. Moore Arts & Crafts, Inc. (“AC Moore” or the “Company”)
(Nasdaq: ACMR) relating to the proposed acquisition by an affiliate
of Sbar’s Inc.
Under the terms of the proposed transaction AC Moore
shareholders would receive $1.60 in cash for each share of AC Moore
stock they own. The investigation concerns possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of AC Moore for not acting in the Company’s shareholders'
best interests in connection with the sale process. The transaction
may undervalue the Company as the $1.60 share price represents 44%
less than the Company’s stock traded at on February 15, 2011, the
date the Company announced it might be for sale. AC Moore stock
traded at $3.40 as recently as March 21, 2011 and traded at $1.99
on August 1, 2011. Further, an analyst has set a price target of
$3.00 per ACMR share.
If you own shares of AC Moore stock and wish to discuss the
legal ramifications of the proposed transaction, or have any
questions, you may e-mail or call the law office of Brodsky &
Smith, LLC who will, without obligation or cost to you, attempt to
answer your questions. You may contact Jason L. Brodsky, Esquire or
Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza,
Suite 602, Bala Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com, visiting
http://brodsky-smith.com/336-acmr-ac-moore-arts--crafts-inc.html,
or by calling toll free 877-LEGAL-90.
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