A lawsuit was filed for current investors of K Swiss Inc (NASDAQ:KSWS) in effort to block the proposed takeover and NASDAQ:KSWS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/29/2013 -- An investor in shares of K Swiss Inc (NASDAQ:KSWS) filed a lawsuit in effort to stop the proposed buyout of K Swiss Inc by E.Land World Ltd. to acquire K Swiss Inc at $4.75 per NASDAQ:KSWS share.
Investors who purchased shares of K Swiss Inc (NASDAQ:KSWS) prior to January 16, 2013, and currently hold any of those NASDAQ:KSWS 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 breaches their fiduciary duties owed NASDAQ:KSWS stockholder by agreeing to sell the company too cheaply.
On Jan. 16, 2013, K-Swiss Inc. (NASDAQ: KSWS) and E.Land World Ltd. announced entry into a definitive agreement pursuant to which E.Land World will acquire all of the outstanding common stock of K-Swiss for $4.75 per share in cash, or a total equity value of approximately $170 million.
However, the plaintiff claims that the $4.75-offer is unfair to NASDAQ:KSWS stockholders and undervalues the company. Indeed, at least on analyst has set the target price for NASDAQ:KSWS shares at $5.60 per share. Furthermore, shares of K Swiss Inc (NASDAQ:KSWS) traded in 2011 as high as $12.49 per share. In addition, K Swisss’ financial performance improved lately. In fact, K Swiss Inc reported that its annual Revenue increased from $216.77 million in 2010 to $268.36 million in 2011.
Those who are current investors in K Swiss Inc (NASDAQ:KSWS), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego