Press release from Business Wire
Rigrodsky & Long, P.A. Investigates Buyout of Family Dollar Stores, Inc.
Wednesday, February 16, 2011
Rigrodsky & Long, P.A. Investigates Buyout of Family Dollar Stores, Inc.15:11 EST Wednesday, February 16, 2011 WILMINGTON, Del. (Business Wire) -- Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Family Dollar Stores, Inc. (“Family Dollar” or the “Company”) (NYSE:FDO) concerning possible breaches of fiduciary duty and other violations of law related to the proposal from Trian Group, Nelson W. Peltz's investment firm, to acquire the Company at a price in the range of $55 to $60 per share in cash. Click here to learn how to join the action: http://www.rigrodskylong.com/news/FamilyDollarStoresInc-FDO. According to a February 15, 2011 filing, Howard Levine, Chairman of the Board and Chief Executive Officer of Family Dollar, was contacted with the above proposal by Trian Group, which owns approximately 8% of the outstanding stock in the Company, and invited to “participate as an investor alongside the Trian Group.” The proposal is subject to due diligence, financing, receipt of regulatory and third –party approvals and other conditions. The investigation concerns whether Family Dollar's board of directors are adequately shopping the Company and working to obtain the best price possible for Family Dollar's shareholders before entering into any agreement with Trian Group. Family Dollar's stock has risen 39 percent over the past 12 months, and was considered “undervalued” by the Trian Group, as recently as last summer. Moreover, according to Yahoo Finance, at least one analyst has set a target of $63 for the stock. If you own the common stock of Family Dollar and purchased your shares before February 15, 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, Brian D. Long, 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 email@example.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. Rigrodsky & Long, P.A.Seth D. Rigrodsky, EsquireBrian D. Long, EsquireNoah R. Wortman, Case Development Director888-969-4242302-295-5310Fax: firstname.lastname@example.org://www.rigrodskylong.com