Robbins Umeda LLP Announces an Investigation of Sealy Corporation
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Sealy Corporation (NYSE: ZZ) in connection with their efforts to sell the company to Tempur-Pedic International Inc. (NYSE: TPX). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
On September 27, 2012, Sealy and Tempur-pedic announced that they had entered into a definitive merger agreement under which Sealy will be acquired by Tempur-pedic. According to the terms of the deal, Sealy shareholders will receive $2.20 for each share they own. The $2.20 per share offer price represents a premium of only 2.8% based on Sealy’s closing price on September 26, 2012. Further, as recently as September 26, 2012, Sealy shares traded over the offer price, trading as high as $2.22. The transaction is expected to close in the first half of 2013.
Robbins Umeda LLP’s investigation focuses on whether the board of directors at Sealy is undertaking a fair process to obtain maximum value and adequately compensate its shareholders. On September 27, 2012, Sealy reported financial results for the third quarter of 2012, with net sales of $365.4 million, a 9.4% increase over the third quarter of 2011. Sealy’s net sales for the third quarter of 2012 of $365.4 million beat analyst estimates by 6.2%, marking the third consecutive quarter that the Company’s sales have exceeded analyst expectations. Given these financial results, Robbins Umeda LLP is examining the board of directors’ decision to sell Sealy now rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects.
Robbins Umeda LLP attorneys highlight that Sealy shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.