Rigrodsky & Long, P.A. Investigates Buyout of
Volcom, Inc. - VLCM
May 02, 2011 10:58 AM Eastern Daylight Time
WILMINGTON, Del.--(EON: Enhanced Online News)--Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Volcom, Inc. (“Volcom” or the “Company”) (Nasdaq: VLCM)
concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an
agreement to be acquired by PPR in a transaction valued at approximately $607.5 million. Click here to learn how to
join the action: http://www.rigrodskylong.com/news/VolcomInc-VLCM.
Under the proposed agreement, PPR will commence a tender offer for all of the outstanding shares of Volcom for
$24.50 per share in cash. In addition, certain Volcom directors and officers, who collectively own 14.4% of the
Company’s outstanding shares, have agreed to tender all of their shares in the tender offer.
The investigation concerns whether Volcom’s board of directors failed to adequately shop the Company and obtain
the best price possible for Volcom’s shareholders before entering into the agreement with PPR.
As recent as February 24, 2011, Volcom announced its financial results for the 2010 fourth quarter and full year
wherein Volcom reported total consolidated revenues increased 22.4% for the fourth quarter of 2010 and full-year
consolidated revenue grew 15.2%. The Company’s Chairman and CEO, Richard Woolcott, commented: “Our
results for the fourth quarter and full year were on target and reflect a commendable year for the Volcom and
Electric teams[.] We made significant gains throughout 2010 driving revenue growth and capturing market share for
our brands on a global basis as we further positioned ourselves to compete in the years ahead. Volcom and Electric
have solid growth opportunities that are achievable and centered on our abilities to develop innovative, quality
products rooted in our heritage sports and lifestyle. As we attack 2011, I am confident in our plan and very proud of
our dedicated and growing team.” Indeed, according to Yahoo! Finance, at least one analyst has set a price target of
$25.00 per share for Volcom stock.
If you own the common stock of Volcom and purchased your shares before May 2, 2011, if you have information
or would like to learn more about these claims, or if you wish to discuss these matters or have any questions
concerning this announcement or your rights or interests with respect to these matters, please contact Seth D.
Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market
Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation,
including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and
federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Seth D. Rigrodsky, Esquire
Noah R. Wortman, Case Development Director