Briscoe Law Firm Investigates Volcom, Inc. for Shareholders Concerning Acquisition by PPR
The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Volcom, Inc. (“Volcom” or “VLCM”) (NASDAQ: VLCM) related to the buyout of Volcom by PPR.
The definitive merger agreement, which was announced on May 2, 2011, involves an all-cash transaction valued at approximately $516 million. Under the proposed buyout, Volcom shareholders will receive only $24.50 in cash for each share of Volcom/VLCM common stock they hold. The transaction is expected to close in the third quarter of 2011.
The firms are investigating the fairness of the proposed transaction to Volcom shareholders and whether Volcom’s Board of Directors acted in the shareholders’ best interests. In particular, although the acquisition price represents an approximate 24% premium over Volcom’s closing price the day before the announcement, at least one analyst has set a target price as high as $25.00 per share for Volcom stock. Further, Volcom has reported that certain Volcom officers holding collectively 14.4% of Volcom’s outstanding shares have agreed to tender all of their shares in the tender offer. Based on these and other factors, the firms are concerned whether the acquisition price is fair to Volcom shareholders. In addition, the firms are also investigating whether Volcom’s Board of Directors adequately considered all viable alternatives before entering into the agreement.
If you currently own shares of Volcom/VLCM and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via email at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.