Rigrodsky & Long, P.A. Investigates Rock of Ages Corporation Buyout
19 10월 2010 - 1:11AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Rock of Ages
Corporation (“Rock of Ages” or the “Company”) (Nasdaq: ROAC)
concerning possible breaches of fiduciary duty and other violations
of law related to the Company’s entry into an agreement to be
acquired by Swenson Granite Company LLC (“Swenson Granite”) in a
cash transaction. Click here to learn how to join the action:
http://www.rigrodskylong.com/news/RockofAgesCorporation-ROAC.
Under the proposed agreement, shareholders of Rock of Ages will
receive $5.25 per share in cash for each Rock of Ages shares they
hold. The investigation concerns whether Rock of Ages’ board of
directors failed to adequately shop the Company and obtain the best
price possible for Rock of Ages’ shareholders before entering into
the agreement with Swenson Granite.
In addition, Kurt Swenson, the Chairman of Swenson Granite and
non-executive Chairman of Rock of Ages, together with his brother,
Kevin Swenson, Vice President of Swenson Granite, and Robert Pope,
President and Chief Executive Officer of Swenson Granite, own
approximately 71% of Swenson Granite. They, along with certain
other members of Swenson Granite who are also Rock of Ages
shareholders, have agreed with Swenson Granite to vote their
shares, representing approximately 81% of the total voting power of
all Rock of Ages shares, in favor of approval of the merger
agreement. Furthermore, prior to the merger, Kurt Swenson, Kevin
Swenson, Robert Pope and certain other members of Swenson Granite
who are also shareholders of Rock of Ages, will contribute to
Swenson Granite a total of 258,326 Class A shares and 2,449,793
Class B shares of Rock of Ages in exchange for additional shares of
membership interest in Swenson Granite, and will not receive the
$5.25 per share cash merger price for those Rock of Ages
shares.
If you own the common stock of Rock of Ages and purchased your
shares before October 18, 2010, if you have information or would
like to learn more about these claims, or if you wish to discuss
these matters or have any questions concerning this announcement or
your rights or interests with respect to these matters, please
contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case
Development Director, of Rigrodsky & Long, P.A., 919 N. Market
Street, Suite 980, Wilmington, Delaware, by telephone at (888)
969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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