Levi & Korsinsky, LLP Investigates Possible Breach Of Fiduciary Duty By The Board Of Jones Soda Co. - JSDA
Levi & Korsinsky is investigating the Board of Directors of Jones Soda Co. (“Jones Soda” or the “Company”) (NasdaqCM: JSDA) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Reeds, Inc. ("Reeds") (NasdaqCM: REED). Under the terms of the transaction, Jones Soda shareholders will receive $0.10 in cash for each Jones Soda share they own plus 4.5 million shares of Reeds stock, in the aggregate. The offer values Jones Soda's stock at $0.37 per share, based on the closing price for Reed's shares the day before the announcement, for a total transaction value of approximately $9.7 million.
The investigation concerns whether the Jones Soda Board of Directors breached their fiduciary duties to Jones Soda shareholders given that (i) Jones Soda stock traded as high as $0.85 per share as recently as February 25, 2010; (ii) the Company has a book value in excess of $0.547 pre share; and (iii) at least one analyst set a price target for Jones Soda stock at $1.50 per share.
If you own common stock in Jones Soda and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/jsda1.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
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