BUYOUT OF HEELYS - UNFAIR PRICE - SHAREHOLDER LAWSUIT TO GET HIGHER PRICE
WILMINGTON, Del.--(BUSINESS WIRE)--
Tripp Levy PLLC a leading national securities law firm announces that it is investigating potential legal claims against the board of directors of Heelys, Inc. (“Heelys” or the “Company”) (NASDAQ CM: HLYS) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Sequential Brands Group, Inc. (“Sequential Brands”) (OTC QB: SQBG) in a transaction valued at approximately $63.2 million.
Under the terms of the proposal, public shareholders of Heelys will receive $2.25 per share in cash for each share of Heelys they own.
The investigation concerns whether Heelys’ board of directors failed to adequately shop the Company and obtain the best possible value for Heelys’ shareholders before entering into an agreement with Sequential Brands.
If you own the common stock of Heelys and purchased your shares before December 10, 2012, 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 us toll free at 877-772-3975