The Law Firm of Weiss & Lurie Investigates the Acquisition of Jo-Ann Stores, Inc.
04 Gennaio 2011 - 4:18PM
Business Wire
Weiss & Lurie, a national class action and shareholder
rights law firm with offices in New York City and Los Angeles, is
investigating possible breaches of fiduciary duty and other
violations of law by members of the Board of Directors of Jo-Ann
Stores, Inc. (NYSE: JAS) arising from the proposed acquisition of
Jo-Ann by an affiliate of Leonard Green & Partners LP.
Under the terms of the transaction, Jo-Ann shareholders will
receive $61 for each share of Jo-Ann. The total value of the
transaction is approximately $1.6 billion and is expected to close
by the first half of 2011.
Weiss & Lurie is investigating whether Jo-Ann’s Board acted
in the best interests of shareholders approving the transaction and
whether Jo-Ann’s Board properly sought to maximize shareholder
value. Jo-Ann has posted strong results in recent quarters,
reporting no outstanding debt at the end of the third quarter, and
higher margins and sales leading the company to boost its full-year
earnings view for the third time and accelerate its plans for new
store openings and remodels.
If you own Jo-Ann shares and would like more information about
your rights as a shareholder or additional information concerning
our investigation, please contact Julia J. Sun either by email at
infony@weisslurie.com or by telephone at (888) 593-4771.
Weiss & Lurie has litigated hundreds of stockholder class
and derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
institutions and individuals and obtained important corporate
governance in these cases. If you have information or would like
legal advice concerning possible corporate wrongdoing (such as
insider trading, waste of corporate assets, accounting fraud, or
issuing materially misleading press releases or SEC filings),
consumer fraud (such as false advertising, defective products, or
other deceptive business practices), or anti-trust violations,
please email us at infony@weisslurie.com or fill out the form on
our website, http://www.weisslurie.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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