NEW YORK, Jan. 28, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of CEC Entertainment, Inc. ("CEC" or "the Company") (NYSE:CEC) 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 an affiliate of Apollo Global Management, LLC (NYSE:APO). A complaint was filed in Kansas state court.
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Under the terms of the transaction, CEC shareholders will receive $54.00 for each share of CEC stock they own. The transaction has a total approximate value of $1.3 billion, including the assumption of debt. The Board of CEC has also adopted a Shareholder Rights Plan pursuant to which shareholders may buy one ten-thousandth of a share of junior participating preferred stock at a purchase price of $54.00 per Right if a person or group acquires 10% or more of the Company's common stock. The claims concern whether the CEC Board breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Apollo Global Management, LLC is underpaying for CEC shares.
If you own CEC common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/cec-entertainment-cec.
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