This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Block & Leviton LLP Investigates Pinnacle Foods, Inc. For Possible Breaches Of Fiduciary Duty In Connection With Its Proposed Acquisition By The Hillshire Brands Company

BOSTON, May 12, 2014 /PRNewswire/ -- Block & Leviton LLP (, a Boston-based law firm representing investors nationwide, is investigating possible breaches of fiduciary duty by the Board of Directors of Pinnacle Foods, Inc. ("Pinnacle" or the "Company") (NYSE: PF) concerning the proposed acquisition of the Company by The Hillshire Brands Company ("Hillshire").  The proposed transaction, expected to close in September 2014, has an enterprise value of $6.6 billion.

Under the terms of the proposed transaction, shareholders will receive $18 and one half of a share of Hillshire in exchange for each share of Pinnacle held.  At Hillshire's closing price of Friday, May 9, 2014 (the last day of trading prior to the announcement of the merger), this reflects a minimal premium of approximately 18% to shareholders.  Blackstone Group L.P., (" Blackstone") (NYSE:  "BX") which controls approximately 51% of the Company's voting power, has already agreed to vote in favor of the deal.  It is undetermined whether Pinnacle's Board employed sufficient protections, such as an independent committee or a majority-of-the-minority voting provision, to protect shareholders against Blackstone's majority control of the Company.

The acquisition follows a year of tremendous growth by Pinnacle, which in fiscal 2013 saw its earnings per share grow nearly 40%.  The Company's stock has traded at its highest levels since being relisted on the NYSE, following its having been taken private by Blackstone in 2007.

Block & Leviton's investigation seeks to determine, among other things, whether Pinnacle's directors breached their fiduciary duties by failing to maximize shareholder value in the potential acquisition and the process by which the directors considered and approved the transaction.  Block & Leviton is also investigating potential aiding and abetting of fiduciary breaches by Hillshire and Blackstone.

If you are a Pinnacle shareholder 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 Boston-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 70 years.  This notice may constitute attorney advertising.

Contact: BLOCK & LEVITON LLP  Steven P. Harte, Esq.  (617) 398-5600

SOURCE Block & Leviton LLP

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs