Press release from Business Wire
SAKS, INC. SHAREHOLDER ALERT: Levi & Korsinsky Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Saks, Inc. in Connection with the Sale of the Company to Hudson's Bay Company
Monday, July 29, 2013
SAKS, INC. SHAREHOLDER ALERT: Levi & Korsinsky Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Saks, Inc. in Connection with the Sale of the Company to Hudson's Bay Company12:09 EDT Monday, July 29, 2013
NEW YORK (Business Wire) -- Levi & Korsinsky is investigating the Board of Directors of Saks, Inc. (“Saks” or the “Company”) (NYSE: SKS) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Hudson's Bay Company (“Hudson's Bay”).
Click here to learn more about the investigation http://zlk.9nl.com/saks-sks/, or call: 877-363-5972.
Under the terms of the transaction, Saks shareholders will receive $16.00 in cash for each share of Saks stock they own. The transaction has a total approximate value of $2.9 billion, including assumed debt. The investigation concerns whether the Saks Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Hudson's Bay is underpaying for your Saks shares. In particular, at least one analyst set a price target for Saks stock at $18.50 per share.
If you own common stock in Saks and wish to obtain additional information or discuss your rights, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/saks-sks/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171