Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of American Italian Pasta Company - AIPC
21 Giugno 2010 - 4:36PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
American Italian Pasta Company (“AIPC” or the “Company”) (NasdaqGS:
AIPC) for possible breaches of fiduciary duty and other violations
of state law in connection with their attempt to sell the Company
to Ralcorp Holdings Inc. ("Ralcorp") (NYSE: RAH). Under the terms
of the transaction, AIPC shareholders will receive $53.00 in cash
for each AIPC share of common stock they own for a total
transaction value of approximately $1.2 billion.
For the quarter ending January 1, 2010, AIPC reported total
revenue of $148.946 million and net income of $20.699 million as
compared to total revenue and net income of $149.104 million and
$15.832 million, respectively, for the prior quarter. The
investigation concerns whether the AIPC Board of Directors breached
their fiduciary duties to AIPC stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Ralcorp is underpaying for AIPC shares, thus unlawfully
harming AIPC stockholders. In particular, at least one analyst set
a price target for AIPC stock at $60.00 per share.
If you own common stock in AIPC and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500 or visit
http://www.zlk.com/american-italian-pasta-company-aipc.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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