Rigrodsky & Long, P.A. Investigates 99 Cents Only Stores Going Private Proposal - NDN
March 11 2011 - 12:12PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of 99 Cents Only
Stores (“99 Cents” or the “Company”) (NYSE: NDN) concerning the
Company’s receipt of a proposal from members of the Schiffer/Gold
Family, together with Leonard Green & Partners, L.P. (“LGP”),
to acquire the Company in a “going private” transaction for $19.09
per share in cash (the “Proposal”). Click here to learn how to join
the action:
http://www.rigrodskylong.com/news/99CentsOnlyStores-NDN.
The investigation concerns whether 99 Cents’ board of directors
is adequately shopping the Company and working to obtain the best
price possible for 99 Cents shareholders. The Proposal contemplates
the acquisition of all of the outstanding shares of common stock of
99 Cents for $19.09 per share in cash. However, according to Yahoo!
Finance, at least one analyst has set a target price of $22.00 per
share for 99 Cents stock. The Schiffer/Gold family already owns
approximately 33% of the Company’s outstanding common stock, and
the Proposal letter states that they are prepared to contribute a
substantial portion of their existing Company stock ownership as
part of the proposed transaction.
If you own the common stock of 99 Cents and purchased your
shares before March 11, 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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