NEW YORK, June 19, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Whole Foods Market Inc. ("WFM" or the "Company") (NASDAQ: WFM) in connection with the proposed acquisition of the Company by Amazon.com Inc. ("Amazon") for approximately $13.7 billion. Under the terms of the agreement, the Company's shareholders will receive $42 in cash for each WFM share they own.
WeissLaw is investigating whether WFM's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $47.00, or $5.00 more than Amazon's per-share offer price. Additionally, prior to the acquisition, on May 10, 2017, WFM announced positive financial results, reporting that "total sales increased  to a record $3.7 billion," in the second quarter of 2017. On that same day, the Company also announced a new capital allocation strategy that it projects will increase regular quarterly dividends by 29%.
Given these facts, WeissLaw is investigating whether WFM's Board acted in the best interests of WFM's public shareholders to maximize shareholder value prior to entering into the agreement. If you own WFM shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/whole-foods-market-inc/
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SOURCE WeissLaw LLP