Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are continuing their investigation into the sale of Physicians Formula Holdings, Inc. (“Physicians Formula”) (NASDAQ: FACE) to Swander Pace Capital for shareholders. On August 15, 2012, Swander Pace agreed to purchase Physicians Formula in a deal valued at approximately $65 million, whereby shareholders would receive $4.25 in cash for each share of Physicians Formula stock owned. However, Physicians Formula announced that it has received a higher unsolicited proposal to acquire all outstanding shares of FACE for $4.90 per share, or $0.65 higher than Swander’s offer. Despite this new offer, Physicians Formula has not changed its recommendation to shareholders. There is no cost or fee to you, so 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 email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. According to shareholder rights attorney, Willie Briscoe, “Considering that Physicians Formula has received a higher acquisition proposal, the investigation centers on whether the board of directors is adequately considering the deal and attempting to obtain the highest share price for all shareholders.” 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.
Shares of Physicians Formula Holdings (Nasdaq:FACE) have taken a tremendous swing upward. The stock is trading at $3.55 as of 10:58 a.m. ET, 21.6% above Tuesday's closing price of $2.92. Volume is at 600, zero times the daily average of 15,400.
Shares of Physicians Formula Holdings (Nasdaq:FACE) have taken a tremendous swing upward. The stock is trading at $3.43 as of 11:49 a.m. ET, 21.6% above Thursday's closing price of $2.82. Volume is at 9,183, 0.5 times the daily average of 18,700.