San Diego, CA -- (SBWIRE) -- 10/08/2012 -- An investor in shares of American Greetings Corporation (NYSE:AM) filed a lawsuit to stop the proposed takeover of American Greetings Corporation at $17.18 per NYSE:AM share.
Investors who purchased shares of the American Greetings Corporation (NYSE:AM) prior to September 26, 2012, and currently hold any of those NYSE:AM shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to current NYSE:AM stockholders.
On September 26, 2012, Sep 26, 2012 American Greetings Corporation (NYSE: AM) announced that its Board of Directors has received a non-binding proposal dated September 25, 2012 from Zev Weiss, its Chief Executive Officer, and Jeffrey Weiss, its President and Chief Operating Officer, on behalf of themselves and certain other members of the Weiss family and related parties to acquire all of the outstanding Class A and Class B common shares of American Greetings not currently owned by the them for $17.18 per share.
However, the plaintiff alleges that thee $17.18offer is unfair to NYSE:AM stockholders and undervalues the company. Indeed, at least one analyst has set the target price for NYSE:AM shares at $30.00 per share. Furthermore, NYSE:AM shares traded as high as $24.60 per share last year, thus well above the current offer. Furthermore, American Greetings’ performance improved lately. For instance, it reported that its Total Revenue rose from over $1.59 billion for the 12 months period that ended on Feb. 28, 2011 to over $1.69 billion for the 12 months period that ended on Feb. 29, 2012.
Those who are current investors in American Greetings Corporation (NYSE:AM) and purchased their American Greetings Corporation shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego