Kenneth Cole Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Kenneth Cole Productions, Inc. Concerning the Receipt of an Acquisition Proposal From KCP's Chairman and CEO Kenneth D. Cole
DALLAS, Feb. 27, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating potential claims against the Board of Directors of Kenneth Cole Productions, Inc. ("Kenneth Cole" or "KCP") (NYSE: KCP) concerning the board's receipt of an unsolicited acquisition proposal from Kenneth Cole's current Chairman of the Board and CEO, Kenneth D. Cole. Under the acquisition proposal, Chairman Cole seeks to acquire the remaining shares of Kenneth Cole that he does not own for $15.00 per share in a proposed going private transaction valued at approximately $280 million.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to the determination of the fairness of the proposed transaction, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
Chairman Cole currently owns approximately 47% of the outstanding shares of Kenneth Cole common stock, which represents approximately 89% of the voting power. Under the going private proposal, Chairman Cole seeks to acquire all of the outstanding shares of Kenneth Cole common stock for $15.00 per share. The investigation centers on whether Kenneth Cole's Board of Directors is acting in the shareholders' best interests, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction.
"Because Mr. Cole is not only the Chairman of the Board, but also the Chief Executive Officer of Kenneth Cole and an owner of approximately 47% of the company's outstanding shares, our investigation is focused on whether the price offered is below the inherent value of Kenneth Cole/KCP stock," said shareholder rights attorney Willie Briscoe. Kenneth Cole shares traded as high as $13.58 per share as recently as August 5, 2011, and at least one analyst has set a target price of $17.00 per share for Kenneth Cole/KCP stock. "Based on these and other factors, we are concerned whether Kenneth Cole's Board of Directors is doing everything possible to maximize shareholder value and negotiate a better price for the shareholders," said Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP