Block & Leviton LLP Investigates Teavana Holdings Inc. for Possible Breaches of Fiduciary Duty in Connection with Its Acquisition by Starbucks Corporation
BOSTON, Nov. 14, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Teavana Holdings Inc. ("Teavana" or the "Company") (NYSE: TEA) concerning the proposed acquisition of the Company by Starbucks Corporation ("Starbucks") in a cash transaction scheduled to close by the end of 2012.
Under the terms of the proposed merger agreement, Starbucks will acquire Teavana in a cash and stock deal for approximately $15.50 per Teavana share that values the Company at approximately $620 million. Teavana common stock traded above the offer price as recently as May 30, 2012, and its 52-week high is $26.03, over forty percent higher than the offer price. Moreover, the Company announced vastly increased profits and assets in its most recent quarterly financial results. Teavana's strong financials and optimistic outlook have not been unnoticed, as the mean analyst target is $17.20 per share and at least one analyst has pegged the stock's target price as $24.00 per share.
Block & Leviton's investigation seeks to determine, among other things, whether Teavana's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by Starbucks, whether CEO Andrew Mack, holder of over 70% of the Company's securities, unfairly influenced the negotiations and the overall fairness of the process by which the Teavana Directors considered and approved the transaction.
If you are a Teavana shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP