Law firms across the country are launching investigations into the proposed sale of Supervalu to UNFI for $2.9 billion, or $32.50 per share. Concerns cited by these firms include “possible breaches of fiduciary duties” and the “adequacy of the price and process” of the sale.
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against Supervalu’s board of directors for breaches of fiduciary duties, among other violations of law related to the company’s entry into the sale agreement.
Rigrodsky & Long, with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, says it has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in cases nationwide, including federal securities fraud actions, shareholder class actions and shareholder derivative actions.
Rowley Law PLLC, which represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation, also is launching an investigation into the board’s fiduciary duties.
Former Attorney General of Louisiana Charles C. Foti Jr. Esq. and the law firm of Kahn Swick & Foti LLC (KSF) are seeking to determine whether the consideration and process that led Supervalu to enter into the sale agreement are adequate, or whether the consideration undervalues the company.
The firms are asking those who were shareholders before July 26 to reach out with their concerns.