The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Kenneth Cole Productions, Inc. (“Kenneth Cole Productions” or “Company”) (NYSE:
) and other violations of state law by the board of directors of Kenneth Cole Productions relating to the proposed buyout of the Company by its Chairman Kenneth Cole. Mr. Cole currently owns approximately 47% of the common stock (representing approximately 89% of the voting power) of the Company.
On February 24, 2012, Mr. Cole announced his proposal to acquire 100% of the outstanding publicly held shares of common stock of Kenneth Cole Productions. Under the proposed transaction, Mr. Cole would acquire Kenneth Cole Productions for $280 million and the Company’s public shareholders would receive $15.00 per share in cash. However, according to Yahoo! Finance, analyst targets are above the proposed buyout price, with at least one analyst setting a target of $17.00 per share.
If you currently own shares of Kenneth Cole Productions 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
, 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.