Newman Ferrara LLP Announces Investigation of K-Swiss Inc.
17 Enero 2013 - 9:18AM
Business Wire
Newman Ferrara LLP is investigating potential claims against the
board of directors of K-Swiss Inc. (“K-Swiss”) (NasdaqGS: KSWS)
concerning the proposed acquisition of K-Swiss by South Korean
retail conglomerate E.Land World Ltd. (“E.Land”).
On January 16, 2013, K-Swiss announced that it had entered into
a definitive agreement to be acquired by E.Land in an all cash deal
valued at approximately $170 million. Under the terms of the
agreement, K-Swiss shareholders will receive $4.75 in cash per
share of K-Swiss stock owned. However, analysts have set a target
price for K-Swiss stock at $5.60 per share.
K-Swiss’ Board of Directors has unanimously approved the
proposed deal, which requires the approval of 80% of K-Swiss’
outstanding voting power. However, Steven Nichols, Chief Executive
Officer and Chairman of the K-Swiss Board, possesses approximately
69% of that total voting power, which he has pledged to vote in
favor of the deal.
Newman Ferrara LLP’s investigation concerns whether K-Swiss’
Board of Directors has breached its fiduciary duties to act in the
best interests of K-Swiss shareholders and to take all necessary
steps to ensure that K-Swiss shareholders receive the maximum value
readily available for their shares of K-Swiss common stock.
Concerned investors are encouraged to contact Newman Ferrara
attorney Roy Shimon at (212) 619-5400 or rshimon@nfllp.com to
discuss this investigation, their rights, or potential
remedies.
Newman Ferrara maintains a multifaceted practice based in New
York City with attorneys specializing in complex commercial and
multi-party litigation, securities fraud and shareholder
litigation, consumer protection, civil rights, and real estate. For
more information, please visit the firm website at
www.nfllp.com.
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