Levi & Korsinsky is investigating the Board of Directors of Alberto-Culver Company (“Alberto-Culver” or the “Company”) (NYSE: ACV) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Unilever PLC (NYSE: UL).
New York, NY, September 29, 2010 — Under the terms of the transaction, Alberto-Culver shareholders will receive $37.50 in cash for each share of Alberto-Culver common stock they own for a total transaction value of approximately $3.7 billion. Click here to learn how to join the action: http://www.zlk.com/albertoculver-acv.html.
The investigation concerns whether the Alberto-Culver Board of Directors breached their fiduciary duties to Alberto-Culver stockholders by failing to adequately shop the Company before entering into this transaction and whether Unilever is underpaying for Alberto-Culver shares, thus unlawfully harming Alberto-Culver stockholders. Specifically, our investigation concerns whether the Board took into account Alberto-Culver’s improving financial metrics when agreeing to sell the Company. As recently as July 26, 2010, Alberto-Culver announced strong third quarter fiscal 2010 sales and profit growth results. The Company’s domestic sales increased 12.7% in the third quarter and international sales increased by 29%. Alberto-Culver President and CEO, V. James Marino, commented: “I am very pleased to report an exceptionally strong quarter of sales and earnings growth in both our U.S. and international segments. Despite challenging economic conditions and soft category growth rates, we continue to outperform the hair care category and gain market share. Double-digit organic sales growth was broad based across our core beauty care brands.”
If you own common stock in Alberto-Culver and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500 or visit http://www.zlk.com/albertoculver-acv.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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below.
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
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Contact:
Jared Morine
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
[email protected]
