Law Firm Brower Piven Announces Investigation in Connection With Dreams, Inc. Buyout
16 Aprile 2012 - 5:06PM
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 Dreams, Inc. (NYSE Amex: DRJ) (“Dreams”)
and other violations of state law by the board of directors of
Dreams relating to the proposed buyout of the company by privately
owned Fanatics, Inc. (“Fanatics”). The firm’s investigation seeks
to determine, among other things, whether the board breached its
fiduciary duties by failing to maximize shareholder value.
On April 16, 2012, Dreams announced that it had entered into an
agreement providing for Fanatics to acquire Dreams in a transaction
valued at approximately $183 million. Under the terms of the buyout
transaction, Dreams shareholders will receive $3.45 for each share
of Dreams common stock held. However, according to Yahoo! Finance,
analysts have set a median price target of $4.50 per share, with at
least one analyst setting a high price target of $5.00 per
share.
According to the press release announcing the transaction,
Dreams President and CEO Ross Tannenbaum, Chairman Sam Battistone
and other shareholders, who collectively own approximately 35% of
the outstanding shares of Dreams, have already agreed to vote their
shares in favor of the transaction.
If you currently own shares of Dreams 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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