99 Cents Only Stores Shareholder Investigation by Briscoe Law Firm Concerning in Going Private Proposal
March 11 2011 - 3:32PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of 99 Cents Only Stores (“99 Cents” or
“NDN”) (NYSE: NDN) related to a going private offer by the
Schiffer-Gold family, which owns approximately 33 percent of 99
Cents, and Leonard Green & Partners L.P. The going private
buyout proposal, which was announced on March 11, 2011, involves a
transaction valued at approximately $1.34 billion. Under the
proposed buyout, 99 Cents’ shareholders will receive $19.09 for
each share of 99 Cents stock they hold.
The investigation relates to the fairness of the proposed
transaction to 99 Cents shareholders and whether the board of
directors is adequately shopping the company in order to obtain the
best possible price for the shareholders. In addition, the firms
are actively investigating possible breaches of fiduciary duty and
other violations of state law by the Board of Directors of 99 Cents
for approving this transaction, and whether 99 Cents’ Board of
Directors acted in the shareholders’ best interests.
If you currently own shares of 99 Cents/NDN and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation firm that handles a
variety of complex business litigation matters nationwide,
including claims of investor and stockholder fraud, shareholder
oppression, shareholder derivative suits, and security class
actions.
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