Law Office of Jonathan M. Stein, P.L., Investigates Possible Breach of Fiduciary Duty by the Board of 99 Cents Only Stores® ...
12 March 2011 - 4:31AM
Business Wire
The Law Office of Jonathan M. Stein, P.L. is investigating the
Board of Directors of 99 Cents Only Stores® ("99 Cents" or
the "Company") (NYSE: NDN) for possible breaches of fiduciary duty
and other violations of state law in connection with the receipt of
a “going private” proposal from the members of the Schiffer/Gold
family, together with Leonard Green & Partners, L.P. ("LGP").
Under the terms of the proposed transaction, 99 Cents common
stockholders are being offered $19.09 in cash for each share of 99
Cents they own. The Schiffer/Gold family owns approximately 33% of
the Company's outstanding common stock, and the letter to the
Company states that they are prepared to contribute a substantial
portion of their existing Company stock ownership as part of the
proposed transaction.
The investigation involves whether the Board of Directors of 99
Cents is breaching fiduciary duties to 99 Cents stockholders by
failing to adequately shop the Company and whether 99 Cents is
disclosing all material information to shareholders about the
proposed transaction. Specifically, according to Yahoo Finance, one
analyst has set a target price for the Company’ stock at $22.00 per
share.
If you own stock in 99 Cents and wish to obtain additional
information about your rights, or if you have information regarding
the above investigation, please contact Jonathan M. Stein, Esq.
either via email at jstein@jonathansteinlaw.com or by telephone at
(561) 961-2244.
The Law Office of Jonathan M. Stein, P.L. represents
shareholders and consumers in complex litigation, including class
action and derivative litigation. More information about the firm
is available through its website, www.jonathansteinlaw.com, and
upon request from the firm. Jonathan M. Stein is the attorney
responsible for the content of this release.
Jonathan M. Stein, Esq. Law Office of Jonathan M. Stein, P.L. 120
E. Palmetto Park Rd., Suite 420 Boca Raton, FL 33432 (561) 961-2244
jstein@jonathansteinlaw.com
www.jonathansteinlaw.com
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