ATLANTA, Oct. 28, 2008 (GLOBE NEWSWIRE) -- Holzer Holzer & Fistel, LLC is investigating possible violations of state law for, among other things, breaches of fiduciary duty in connection with a proposed buyout of Ashworth, Inc. ("Ashworth") (Nasdaq:ASHW) by TaylorMade-Adidas Golf. Under the agreement announced today, Ashworth shareholders would receive $1.90 per share in the deal, for a total purchase price of approximately $26.5 million.
The firm's investigation is focused on, among other things, whether Ashworth's officers and directors violated their fiduciary duties in connection with their decision to approve the merger agreement. In particular, the firm is investigating whether Ashworth's officers and directors violated their fiduciary duties of loyalty, candor and due care to Ashworth's minority shareholders by approving the underlying transaction without public disclosure of all material facts relating to the decision to approve the transaction, including, for example, the facts and circumstances related to voting agreements entered into simultaneously with certain related parties who collectively own more than 16 percent of Ashworth's outstanding shares and the sources of funding for the proposed all-cash transaction.
Shareholders of Ashworth with questions concerning their legal rights are encouraged to contact Holzer Holzer & Fistel, LLC and its attorneys Michael I. Fistel Jr., Esq. or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com, or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.