Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of AMREP Corporation (“AMREP” or the “Company”) (NYSE: AXR) concerning the Company’s receipt of a proposal from Nicholas G. Karabots, the Company’s Vice Chairman of the Board, for a going private transaction (the “Proposal”). Click here to learn how to join the action: http://www.rigrodskylong.com/news/AMREPCorporation-AXR.

The investigation concerns whether AMREP’s board of directors is adequately shopping the Company and working to obtain the best price possible for AMREP’s shareholders. The Proposal contemplates the acquisition of all of the outstanding shares of common stock of AMREP not currently owned by Mr. Karabots for $12.00 per share in cash. Mr. Karabots already owns approximately 60% of the Company’s outstanding shares. In addition, the Proposal indicates that certain other stockholders of AMREP could participate in the transaction with Mr. Karabots. Moreover, Mr. Karabots has indicated that he is not interested in selling his interest in AMREP to anyone else.

If you own the common stock of AMREP and purchased your shares before September 8, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.