Press release from Business Wire
The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of JAKKS Pacific, Inc.
Thursday, September 15, 2011
The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of JAKKS Pacific, Inc.16:35 EDT Thursday, September 15, 2011 DALLAS (Business Wire) -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating whether the Board of Directors and senior officers of JAKKS Pacific, Inc. (“JAKKS Pacific”) (NASDAQ: JAKK) breached their fiduciary duties to JAKKS Pacific shareholders in evaluating a recent buyout offer from funds managed by Oaktree Capital Management, L.P. Under the proposed sale, JAKKS Pacific shareholders would receive $20.00 in cash for each share of JAKKS Pacific/JAKK stock owned. If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The definitive acquisition agreement involves an all cash transaction valued at approximately $670 million. Although the proposed buyout represents an approximate 25% premium over JAKKS Pacific's closing price the day before the offer, according to Yahoo! Finance, at least one analyst has set a target price of $24.00 per share for JAKKS Pacific stock. “We are investigating whether the Board of Directors and senior officers of JAKKS Pacific are adhering to their fiduciary duties to JAKK shareholders while evaluating this proposed transaction. In particular, our investigation seeks to determine whether the Board of Directors and senior officers are engaging in a fair sales process, adequately representing the rights of the shareholders, and seeking to maximize the sales price for the shareholders. We are concerned that the proposed price significantly undervalues the shares,” said shareholder rights attorney Willie Briscoe. The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions. Powers Taylor, LLPPatrick Powers, email@example.comThe Briscoe Law Firm, PLLCWillie Briscoe, 214-706-9314WBriscoe@TheBriscoeLawFirm.com