SAN DIEGO and PLEASANTON, Calif., May
15, 2014 /PRNewswire/ -- Shareholder rights attorneys
at Robbins Arroyo LLP announce that the firm filed a class action
lawsuit on May 15, 2014, in the U.S.
District Court, Northern District of California, Oakland Division (the "Court"), on
behalf of the shareholders of Safeway Inc. ("Safeway") (NYSE:
SWY) against Safeway, its Board of Directors, Albertson's LLC
("Albertson's"), Saturn Acquisition Merger Sub, Inc. and Cerberus
Capital Management L.P., for, among other things, violations of
sections 14(a) and 20(a) of the U.S. Securities and Exchange Act of
1934 (the "Exchange Act") and U.S. Securities and Exchange
Commission Rule 14a-9 promulgated thereunder.
The complaint arises out of a March 6,
2014 press release announcing that Safeway had entered into
a definitive merger agreement with Albertson's, pursuant to which
Safeway shareholders would receive, for each Safeway share they
own, $32.50 in cash and the right to
receive pro-rata distributions of net proceeds from primarily
non-core assets, estimated to be worth $3.65 per share (the "Proposed
Transaction"). The complaint seeks injunctive relief on
behalf of the named plaintiff and all other similarly situated
shareholders of Safeway as of March 6,
2014 (the "Class"). The named plaintiff is represented
by Robbins Arroyo LLP.
The named plaintiff alleges that certain of the defendants, in
connection with the Proposed Transaction, breached or aided and
abetted the other defendants' breaches of their duties and
obligations owed to Safeway shareholders. The complaint
further alleges that, in an attempt to secure shareholder approval
of the Proposed Transaction, the defendants filed a materially
false and misleading preliminary proxy statement on Schedule 14A
with the U.S. Securities and Exchange Commission in violation of
the Exchange Act and their duties of candor and full disclosure.
The omitted and/or misrepresented information is believed to be
material to Safeway shareholders' ability to make an informed
decision whether to approve the Proposed Transaction.
If you wish to serve as lead plaintiff, you must move the Court
no later than sixty days from May 15,
2014. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests,
please contact attorney Darnell R.
Donahue of Robbins Arroyo LLP at 800-350-6003, via the
shareholder information form on our website, or by e-mail at
info@robbinsarroyo.com. Any member of the Class may move the
Court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent Class member.
Robbins Arroyo LLP, a nationally recognized leader in the area
of shareholder rights litigation, represents individual and
institutional investors in securities class action lawsuits and
shareholder derivative actions. Robbins Arroyo LLP has helped
its clients realize more than $1
billion of value for themselves and the companies in which
they have invested. Past results do not guarantee similar
outcomes. For more information about the firm, please go to
http://www.robbinsarroyo.com.
Press release link:
https://www.robbinsarroyo.com/shareholders-rights-blog/safeway-inc-class-action/
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
Logo -
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO
SOURCE Robbins Arroyo LLP