Law Firm Brower Piven Announces Investigation of Costa Inc. Proposed Buyout

Mon Nov 11, 2013 4:25pm EST

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Law Firm Brower Piven Announces Investigation of Costa Inc. Proposed Buyout

The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Costa Inc. (“Costa” or the “Company”) (NasdaqGM: ATX) and other violations of state law by the board of directors of Costa relating to the proposed buyout of the Company by Essilor International S.A. The firm’s investigation seeks to determine, among other things, whether the board of directors of Costa breached their fiduciary duties by failing to maximize shareholder value.

According to the press release announcing the proposed buyout, Costa shareholders will receive $21.50 per share in cash for each share of Costa common stock they own. While that price represents an approximately 7% premium over the closing price the day before the transaction was announced, according to Yahoo! Finance, at least one analyst covering the Company has set a price target of $29.00 per Costa share. Because Costa has a significant cash position and because the true value of Costa’s positive third quarter 2013 financial results is possibly not reflected in the price of Costa’s stock because of the timing of the announcement of the transaction, it is possible that $21.50 per share is an insufficient amount to compensate shareholders for the loss of the opportunity to benefit from the Company’s future growth.

If you currently own common stock of Costa and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.

Brower Piven, A Professional Corporation
Stevenson, Maryland
Charles J. Piven, 410-415-6616
hoffman@browerpiven.com