NEW YORK, Jan. 15, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Arden Group, Inc. ("Arden Group" or "the Company") (Nasdaq:ARDNA) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to the investment firm TPG. A complaint was filed in California state court.
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Under the terms of transaction, Arden Group shareholders will receive $126.50 in cash for each share of Arden Group stock they own. Stockholders representing approximately 56% of the outstanding Arden Group Class A common stock are already expected to execute a written consent approving the transaction. The claims concern whether the Arden Group Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether TPG is underpaying for Arden Group shares. In particular, Arden Group stock has closed as high as $130.50 as recently as November 8, 2013.
If you own Arden Group common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/arden-group-ardna/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP