Jacksonville, Fla. – December 23, 2011 – The law firm of Jimerson & Cobb, P.A. has filed suit on behalf of a class of shareholders against Winn-Dixie and its Board of Directors stemming from the proposed sale to Bi-Lo, LLC.
The class action lawsuit alleges that Winn-Dixie and its Board of Directors breached their fiduciary duty to the shareholders in the S560 million deal with South Carolina based grocer Bi- Lo. Under the proposed acquisition, Winn Dixie’s shareholders would only receive $9.50 per share of Winn-Dixie stock, which is much less than the company’s market value. In recent months Winn-Dixie had been trading as high as SI0.08 per share, with reported book values of $14.98 per share. Industry analysts have put the target price in the $11 per share range.
“The defendants have knowingly and recklessly violated legal duties of care, loyalty, good faith and independence owed to the shareholders of Winn-Dixie. This is a circumstance where personal interests were placed ahead of Winn-Dixie shareholders’ interests,” stated attorney Charles Jimerson.
If you want to learn more about the lawsuit contact Charles Jimerson or Christopher Cobb at visit https://www.jimersonfirm.com/ or call 904-389-0050.