NEW YORK, July 7, 2014 (GLOBE NEWSWIRE) -- The proposed acquisition of Vitacost.com, Inc. ("VITC" or the "Company") by The Kroger Company. ("KR" or "Kroger") is the subject of an examination by WeissLaw LLP, a national class action, shareholder rights law firm. On July 2, 2014, the companies jointly announced they had reached a definitive agreement for Kroger to acquire VITC for $280 million. Under the terms of the proposed transaction, shareholders of VITC would receive $8.00 for each share of the Company common stock they own.
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Director of VITC for agreeing to sell the Company to Kroger. The examination is specifically focusing on whether VITC's Board acted to maximize shareholder value prior to entering into the agreement with KR. Notably, prior to the announcement of the deal, multiple analysts set price targets for VITC stock significantly above the price offered by KR under the merger agreement, with a high price target of $10 – or $2 above the price offered by Kroger.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell VITC and whether the Board of Directors acted in the best interests of VITC's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with KR. If you own VITC shares and would like more information about your rights or our investigation, please contact Joshua Rubin or Kelly Keenan either by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com .
The firm is also in the process of investigations on behalf of shareholders of Medical Action Industries Inc., PLX Technology Inc., Integrys Energy Group, Measurement Specialties Inc., and tw telecom Inc.
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 stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/ .
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WeissLaw LLP Joshua Rubin Kelly Keenan 1500 Broadway, 16th Floor New York, NY 10036 T: 212.682.3025 F: 212.682.3010 www.weisslawllp.com
