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Press release from PR Newswire

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

Thursday, August 01, 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 Company

11:54 EDT Thursday, August 01, 2013

NEW YORK, Aug. 1, 2013 /PRNewswire/ -- 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").

(Logo:  http://photos.prnewswire.com/prnh/20120409/MM84375LOGO )

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 jlevi@zlk.com 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.

CONTACT:    Levi & Korsinsky, LLPJoseph Levi, Esq.Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free:  (877) 363-5972Fax: (212) 363-7171www.zlk.com

 

SOURCE Levi & Korsinsky, LLP

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