The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Newman Ferrara LLP Announces Investigation of K-Swiss Inc.

Thursday, January 17, 2013

Newman Ferrara LLP Announces Investigation of K-Swiss Inc.10:18 EST Thursday, January 17, 2013 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 LLPAttorney: Roy Shimon1250 Broadway, 27th Fl.New York, NY 10001rshimon@nfllp.com212.619.5400