Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of A.C. Moore Arts & Crafts, Inc. (“A.C. Moore” or “ACMR”) (NASDAQ: ACMR) to Sbar’s, Inc. for shareholders. Under the proposed buyout, A.C. Moore shareholders will only receive $1.60 in cash for each share of A.C. Moore/ACMR stock owned, which is nearly half of the price that ACMR stock traded as recently as March 2011 and well below the target price of $3.00 per share recently set by analysts. If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The definitive acquisition agreement involves an all cash transaction valued at approximately $40.8 million. Under the terms of the acquisition, a tender offer will be commenced within ten business days of October 3, 2011, when the merger was announced. The transaction is expected to be completed in the fourth quarter of 2011. “We are investigating the fairness of the proposed transaction to A.C. Moore shareholders, whether the shareholders are being underpaid for their stock, and whether A.C. Moore’s Board of Directors acted in the shareholders’ best interest,” said shareholder rights attorney Willie Briscoe. In particular, A.C. Moore’s stock traded at $3.40 per share as recently as March 21, 2011, and at least one analyst has set a target price of $3.00 per share for A.C. Moore stock. “Based on these and other factors, we believe that the transaction may significantly undervalue A.C. Moore stock,” said Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.