The Law Office Of James C. Kelly Announces Investigation Into Possible Breaches Of Fiduciary Duty By Kenneth Cole
NEW YORK, Feb. 24, 2012 /PRNewswire/ -- The Law Office of James C. Kelly is investigating Kenneth Cole Productions, Inc. ("Kenneth Cole Productions" or the "Company") (NYSE: KCP - News) for possible breaches of fiduciary duty and other violations of state law in connection with Kenneth D. Cole's proposal to acquire through a merger transaction 100 percent of the outstanding publicly held shares of common stock of Kenneth Cole Productions. Mr. Cole is Chairman and Chief Creative Officer of the Company and already owns approximately 47% of the common stock (representing approximately 89% of the voting power) of the Company. Under the terms of the transaction, Kenneth Cole Productions shareholders will receive $15.00 for each share of Kenneth Cole Productions stock they own. The proposal values the total equity of the Company at approximately $280 million.
The investigation concerns whether Mr. Cole breached his fiduciary duties to stockholders by offering too low of a price to purchase the remaining shares of the Company. Indeed, the median price target for shares of Kenneth Cole Productions is $16.50. In addition, in making his offer, Mr. Cole stated that he has no interest in a disposition or sale of his interest in the Company nor would it be his intention, in his capacity as a stockholder, to vote in favor of any alternative sale, merger or similar transaction involving the Company.
If you own shares of Kenneth Cole Productions and wish to obtain additional information, contact The Law Office of James C. Kelly. Please contact James C. Kelly, Esq., by telephone at (888) 643-7517 or e-mail at firstname.lastname@example.org.
The Law Office of James C. Kelly is a New York City-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please visit its website at http://www.jckellylaw.com.Attorney advertising. Prior results do not guarantee a similar outcome.
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