Contact Information: CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com
Levi & Korsinsky, LLP Announces Class Action Lawsuit Against SoftBrands, Inc. - SBN
| Source: Levi & Korsinsky, LLP
NEW YORK, NY--(Marketwire - July 23, 2009) - Levi & Korsinsky announces that a class action
lawsuit has been filed in Delaware Chancery Court challenging the proposed
acquisition of SoftBrands, Inc. ("SoftBrands" or the "Company") (AMEX : SBN ).
The Complaint arises out of the announcement by SoftBrands stating that it
had entered into a definitive merger agreement with Golden Gate Capital.
Under the proposed agreement, SoftBrands shareholders will receive $0.92 in
cash for each share of SoftBrands they own for a total transaction value of
approximately $41.3 million or $80 million including debt and preferred
shares. The price appears unfair given that the 52-week high for SoftBrands
share is $1.08 and at least one analysts set a price target of $1.00 for
SoftBrands stock.
If you own common stock in SoftBrands and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/sbn1.html.
Levi & Korsinsky has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial fraud
and represents investors throughout the nation, concentrating its practice
in securities and shareholder litigation.