Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) in connection with their efforts to sell the company to Centerbridge Partners, L.P. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, firstname.lastname@example.org, or via the shareholder information form on the firm's website.
On May 1, 2012, P.F. Chang's announced that it had entered into a definitive merger agreement to be acquired by Centerbridge. According to the terms of the deal, Centerbridge will acquire all outstanding shares of the company through a cash transaction. Pursuant to the agreement, P.F. Chang's shareholders will receive $51.50 per share in cash for every share of P.F. Chang's common stock they own. The transaction is expected to close during the third quarter of 2012.
Robbins Umeda LLP's investigation focuses on whether the board of directors of P.F. Chang's is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company's positive growth prospects. According to P.F. Chang's CEO on the company's February 16, 2012 conference call, P.F. Chang's is anticipating "significant and accelerating growth" in the future.
In addition, the firm is investigating whether self-dealing and other employment guarantees played a part in the decision by the board at P.F. Chang's to enter into the merger agreement with Centerbridge. According to the May 1, 2012 announcement, P.F. Chang's management will continue to "lead the Company through its next phase of growth and development."
Robbins Umeda LLP attorneys highlight that P.F. Chang's shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company's shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
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