STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Books-A-Million, Inc. (“Books-A-Million” or the “Company”) (Nasdaq: BAMM) relating to the proposed sale of the Company to the Anderson Family. (“the Anderson Family”).
On January 29, 2015, Books-A-Million announced the receipt of a non-binding proposal from Clyde B. Anderson, Executive Chairman of the Company, on behalf of the Anderson family, to acquire certain outstanding shares of the common stock of Books-A-Million, Inc. Under the terms of the transaction, Books-A-Million shareholders are anticipated to receive $2.75 in cash for each share of Books-A-Million common stock held.
The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company’s shares of common stock. In particular, according to Yahoo! Finance, at least one Wall Street analyst has issued a price target for Books-A-Million stock at $12.00 per share.
If you currently own common stock of Books-A-Million and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.