Newman Ferrara LLP Announces Investigation of K-Swiss Inc.
Newman Ferrara LLP Announces Investigation of K-Swiss Inc.
NEW YORK--(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.
Newman Ferrara LLP
Attorney: Roy Shimon
1250 Broadway, 27th Fl.
New York, NY 10001
rshimon@nfllp.com
212.619.5400
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS:
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