Rigrodsky & Long, P.A. Investigates Buyout of Volcom, Inc. - VLCM
02 Maggio 2011 - 4:53PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Volcom, Inc.
(“Volcom” or the “Company”) (Nasdaq: VLCM) concerning possible
breaches of fiduciary duty and other violations of law related to
the Company’s entry into an agreement to be acquired by PPR in a
transaction valued at approximately $607.5 million. Click here to
learn how to join the action:
http://www.rigrodskylong.com/news/VolcomInc-VLCM.
Under the proposed agreement, PPR will commence a tender offer
for all of the outstanding shares of Volcom for $24.50 per share in
cash. In addition, certain Volcom directors and officers, who
collectively own 14.4% of the Company’s outstanding shares, have
agreed to tender all of their shares in the tender offer.
The investigation concerns whether Volcom’s board of directors
failed to adequately shop the Company and obtain the best price
possible for Volcom’s shareholders before entering into the
agreement with PPR.
As recent as February 24, 2011, Volcom announced its financial
results for the 2010 fourth quarter and full year wherein Volcom
reported total consolidated revenues increased 22.4% for the fourth
quarter of 2010 and full-year consolidated revenue grew 15.2%. The
Company’s Chairman and CEO, Richard Woolcott, commented: “Our
results for the fourth quarter and full year were on target and
reflect a commendable year for the Volcom and Electric teams[.] We
made significant gains throughout 2010 driving revenue growth and
capturing market share for our brands on a global basis as we
further positioned ourselves to compete in the years ahead. Volcom
and Electric have solid growth opportunities that are achievable
and centered on our abilities to develop innovative, quality
products rooted in our heritage sports and lifestyle. As we attack
2011, I am confident in our plan and very proud of our dedicated
and growing team.” Indeed, according to Yahoo! Finance, at least
one analyst has set a price target of $25.00 per share for Volcom
stock.
If you own the common stock of Volcom and purchased your shares
before May 2, 2011, if you have information or would like to learn
more about these claims, or if you wish to discuss these matters or
have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Seth D.
Rigrodsky, Esquire or Noah R. Wortman, Case Development Director,
of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980,
Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail
to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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