Block & Leviton LLP Investigates The Warnaco Group, Inc. for Possible Breaches of Fiduciary Duty in Connection with Its Acquisition by PVH Corp.
BOSTON, Nov. 1, 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 duties by the Board of Directors of The Warnaco Group, Inc. ("Warnaco" or the "Company") (NYSE WRC) with regards to the proposed acquisition of the Company by PVH Corp. ("PVH") in a cash and stock transaction scheduled to close in early 2013.
Under the terms of the agreement, holders of Warnaco common stock will receive $51.75 in cash and .1822 of a share of PVH common stock for each share of Warnaco common stock. The transaction values Warnaco at approximately $2.9 billion. The stock market response unequivocally considered the merger a steal for PVH. On the day of the announcement, shares of PVH rocketed in value by an amount nearly equal to the premium offered to Warnaco. Block & Leviton's investigation seeks to determine, among other things, whether Warnaco's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by PVH, and the fairness of the process by which the Warnaco Directors considered and approved the transaction.
If you are a Warnaco shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, Esq. 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