Robbins Umeda LLP Announces Investigation of the Acquisition of Alberto-Culver Company by Unilever PLC
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors (“Board”) of Alberto-Culver Company (“Alberto Culver” or the “Company”) (NYSE: ACV) in connection with their efforts to sell Alberto Culver to Unilever PLC (“Unilever”). If the transaction is completed, Alberto Culver shareholders will receive $37.50 in cash for each share of Alberto Culver common stock they hold.
Robbins Umeda LLP’s investigation concerns whether Alberto Culver’s Board undertook a fair process to obtain fair consideration for all shareholders of Alberto Culver. Specifically, our investigation concerns whether members of the Company’s Board breached their fiduciary duties to Alberto Culver shareholders by failing to adequately shop the Company before entering into the transaction with Unilever. Of particular note, Alberto Culver reported third quarter 2010 results that beat analyst estimates. Additionally, in the third quarter, the Company reported net sales of $417.6 million, an increase of 18.8%, compared to $351.6 million in the same quarter for the prior year. Further, Alberto Culver reported earnings per share of $0.39, $0.02 higher than analyst estimates of $0.37.
If you are a shareholder of Alberto Culver, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at email@example.com.