Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Winn-Dixie Stores, Inc. (NASDAQ:WINN) arising from its agreement for the Company to be acquired by BI-LO, LLC.
Under the terms of the merger agreement, shareholders will $9.50 for each Winn-Dixie share. The deal is anticipated to close in the next 60 to 120 days, subject to customary conditions, including the approval of Winn-Dixie shareholders.
Weiss & Lurie is investigating whether Winn-Dixie’s Board acted in the best interests of its shareholders in approving the transaction. Notably, Winn-Dixie stock traded at a high of $10.08 per share as recently as on July 21, 2011. Prior to the merger announcement today, at least one analyst had set the price target for Winn-Dixie stock at $11.00 per share. Moreover, as of its last quarter ended on September 21, 2011, Winn-Dixie’s book value per share was $14.98 and it held over $168 million in cash with no debt.
If you own Winn-Dixie shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at email@example.com or by telephone at (888) 593-4771.Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.