MILWAUKEE, May 2, 2014 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of R.G. Barry for possible breaches of fiduciary duty and other violations of state law in connection with the sale of R.G. Barry to Mill Road.
Click here to learn how to join the action: http://www.ademilaw.com/case/rg-barry or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
R.G. Barry's long-term financial outlook is very positive and yet R.G. Barry shareholders will receive only $19 for each share of R.G. Barry common stock, dramatically less than its inherent value. Mill Road is well aware of R.G. Barry's improving financial metrics and is purchasing R.G. Barry at a substantial discount. The merger agreement unreasonably limits prospective bids for R.G. Barry by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should R.G. Barry receive and accept a superior bid. R.G. Barry insiders, their affiliates and other majority shareholders own significant stock of R.G. Barry, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of R.G. Barry not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of R.G. Barry's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for R.G. Barry given its current financial condition and prospects.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP