Dec. 19, 2013
/PRNewswire/ -- Block & Leviton LLP (
-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of The Jones Group ("Jones Group" or the "Company") (NYSE: JNY) concerning the proposed buyout of the Company by Sycamore Partners ("Sycamore") in an all-cash transaction. The investigation is also evaluating whether Sycamore aided and abetted such breaches of fiduciary duty.
Under the terms of the proposed transaction, the Company's shareholders will receive
for each share of the Company they own. The total value for the Company is estimated at approximately
. The per share price appears woefully inadequate, as it represents less than a 4% premium to the previous day's closing price, and indeed, Jones Group stocks traded above the offer price as recently as November 2013. Analysts have set a price target of
per share, and the mean price target of the aggregated analysts compiled by Yahoo! Finance is above the offer price. Insiders have already pledged a significant percentage of stock in favor of the deal.
Block & Leviton's investigation seeks to determine, among other things, whether the Company's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed buyout by Sycamore and the overall fairness of the process by which the Company's Directors considered and approved the transaction.
If you are a shareholder of Jones Group and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney
Steven P. Harte
, at (617) 398-5600 or email him at
Block & Leviton is a
-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP