Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Rock of Ages Corporation (“Rock of Ages” or the “Company”) (Nasdaq: ROAC) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Swenson Granite Company LLC (“Swenson Granite”) in a cash transaction. Click here to learn how to join the action: http://www.rigrodskylong.com/news/RockofAgesCorporation-ROAC.
Under the proposed agreement, shareholders of Rock of Ages will receive $5.25 per share in cash for each Rock of Ages shares they hold. The investigation concerns whether Rock of Ages’ board of directors failed to adequately shop the Company and obtain the best price possible for Rock of Ages’ shareholders before entering into the agreement with Swenson Granite.
In addition, Kurt Swenson, the Chairman of Swenson Granite and non-executive Chairman of Rock of Ages, together with his brother, Kevin Swenson, Vice President of Swenson Granite, and Robert Pope, President and Chief Executive Officer of Swenson Granite, own approximately 71% of Swenson Granite. They, along with certain other members of Swenson Granite who are also Rock of Ages shareholders, have agreed with Swenson Granite to vote their shares, representing approximately 81% of the total voting power of all Rock of Ages shares, in favor of approval of the merger agreement. Furthermore, prior to the merger, Kurt Swenson, Kevin Swenson, Robert Pope and certain other members of Swenson Granite who are also shareholders of Rock of Ages, will contribute to Swenson Granite a total of 258,326 Class A shares and 2,449,793 Class B shares of Rock of Ages in exchange for additional shares of membership interest in Swenson Granite, and will not receive the $5.25 per share cash merger price for those Rock of Ages shares.
If you own the common stock of Rock of Ages and purchased your shares before October 18, 2010, 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 Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to firstname.lastname@example.org.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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