Robbins Umeda LLP Is Investigating Volcom, Inc. Acquisition for Shareholder
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of Volcom, Inc. (NASDAQ: VLCM). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Volcom in connection with their efforts to sell Volcom to PPR (FR 0000121485, PRTP.PA, PPFP).
On May 2, 2011, PPR and Volcom announced that they have signed definitive merger agreement under which a new wholly owned subsidiary of PRR will make a cash tender offer to acquire all outstanding shares of Volcom for $24.50 per share. The transaction is expected to be completed in the third quarter of 2011.
The investigation focuses on whether Volcom’s board is undertaking a fair process to obtain maximum value for its shareholders. On February 24, 2011, Volcom reported fourth quarter 2010 results that beat analysts’ estimates. Moreover, two analysts have a price target of $25.00 for Volcom. Of particular interest, certain Volcom directors and officers, who collectively own 14.4% of the outstanding shares, have agreed to tender all of their shares in the tender offer.
If you own stock in Volcom and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.