Cost Plus, Inc.

Robbins Umeda LLP Announces an Investigation of Cost Plus, Inc.

Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Cost Plus, Inc. (NASDAQ: CPWM) in connection with their efforts to sell the company to Bed Bath & Beyond, Inc. (NASDAQ: BBBY).  Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly.  You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.

On May 9, 2012, Cost Plus announced that it had entered into a definitive merger agreement to be acquired by Bed Bath & Beyond.  According to the terms of the deal, Bed Bath & Beyond will acquire all outstanding shares of the company through a cash tender offer.  Pursuant to the agreement, Cost Plus shareholders will receive $22.00 in cash for each share of the company they own.  The transaction is expected to close during Bed Bath & Beyond’s second fiscal quarter ended August 2012.       

Robbins Umeda LLP’s investigation focuses on whether the board at Cost Plus is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s recent positive financial results.   Specifically, on March 22, 2012, Cost Plus reported strong operating results for the fourth quarter of fiscal year 2011 that beat analyst expectations. The company reported diluted EPS of $1.55, a 26.0% increase over diluted EPS of $1.23 reported for the fourth quarter of 2010.   Additionally, Cost Plus reported that net sales for the fourth quarter of fiscal year 2011 topped $364.3 million, a 6.6% increase over the $341.6 million in net sales reported during the same quarter of the previous fiscal year and above consensus estimates of $361.8 million.

Given the company’s impressive financial results, Robbins Umeda LLP is examining the board’s decision to sell Cost Plus now rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects. 

Robbins Umeda LLP attorneys highlight that Cost Plus shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company’s shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law.  The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

 

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