Morgan & Morgan Announces an Investigation into the Acquisition of True Religion (NASDAQ: TRLG) by TowerBrook Capital Partners
NEW YORK, May 13, 2013 /PRNewswire/ -- Morgan & Morgan announces that it is investigating potential legal claims against the board of directors of True Religion Apparel, Inc. ("True Religion" or the "Company") (NASDAQ: TRLG) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by TowerBrook Capital Partners in a transaction valued at approximately $838 Million.
Under the terms of the agreement, True Religion shareholders will receive $32.00 in cash for each share they own. The investigation is focused on the potential unfairness of the price to True Religion shareholders and the process by which the True Religion Board of Directors considered and approved the transaction.
Morgan & Morgan's investigation concerns whether True Religion's Board of Directors breached its fiduciary duties to act in the best interests of True Religion shareholders and to take all necessary steps to ensure that True Religion shareholders receive the maximum value readily available for their shares of True Religion common stock. According to Yahoo! Finance, at least one analyst has set a price target for $38.00.
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SOURCE Morgan & Morgan