San Diego, CA -- (SBWIRE) -- 05/21/2012 -- An investor in NASDAQ:PFCB shares filed a lawsuit against directors of P.F. Chang's China Bistro in effort to stop the proposed takeover of P.F. Chang's China Bistro by Centerbridge Partners, L.P. at $51.50 per NASDAQ:PFCB share.
Investors who purchased shares of P.F. Chang's China Bistro (NASDAQ:PFCB) prior to May 1, 2012 and currently hold any of those NASDAQ:PFCB shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On May 1, 2012, P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) announced that it has entered into a merger agreement with Centerbridge Partners, L.P. in a transaction valued at approximately $1.1 billion, which will result in P.F. Chang's becoming a private company. Under the terms of the proposed transaction, Centerbridge Partners will acquire all of the outstanding shares of P.F. Chang China Bistro's common stock for $51.50 per share in cash.
The plaintiff alleges that the directors breached their fiduciary duties owed to NASDAQ:PFCB stockholders arising out of the attempt to sell P.F. Chang's China Bistro too cheaply via an unfair price to Centerbridge Partners, L.P.
Specifically, the plaintiff claims that the $51.50offer undervalues NASDAQ:PFCB stocks and is unfair to P.F. Chang’s stockholders. In fact, NASDAQ:PFCB shares traded in the end of 2010 as high as $52.86 per share, thus well above the current offer.
In addition P.F. Chang's China Bistro’ has performed consistently well for its investors in the past. Its Total Revenue over the 4 past 52weeks filing period ranged from $1.19billion to $1.24billion and its Net Income from $27.43million to $46.61million.
The plaintiff also alleges that the board of directors entered into the transaction to benefit themselves at the expense of the Company’s stockholders.
Those who are current investors in P.F. Chang's China Bistro (NASDAQ:PFCB) and purchased their P.F. Chang's China Bistro 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