The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of A.C. Moore Arts & Crafts, Inc. (“A.C. Moore”) (NASDAQ: ACMR) and other violations of state law by the board of directors of A.C. Moore relating to the proposed acquisition of the company by Sbar’s, Inc. (“Sbar’s”). The firm’s investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value. On October 4, 2011, A.C. Moore announced that it had entered into a definitive agreement to be acquired by Sbar’s for $1.60 per share in cash, or an aggregate purchase price of approximately $40.8 million. According to the press release, this represents a 68 percent premium to A.C. Moore’s closing price on October 3, 2011, the day before the transaction was announced. However, at least one analyst on Yahoo! Finance set a high price target of $3.00 per share of A.C. Moore common stock. If you currently own shares of A.C. Moore 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 firstname.lastname@example.org, 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.
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