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Rigrodsky & Long, P.A. Investigates Buyout of Volcom, Inc. - VLCM

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  Published in House and Home on Monday, May 2nd 2011 at 21:20 GMT by Market Wire
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WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it is investigating potential claims against the board of directors of Volcom, Inc. (aVolcoma or the aCompanya) (Nasdaq: [ VLCM ]) concerning possible breaches of fiduciary duty and other violations of law related to the Companya™s entry into an agreement to be acquired by PPR in a transaction valued at approximately $607.5 million. Click here to learn how to join the action: [ http://www.rigrodskylong.com/news/VolcomInc-VLCM ].

Under the proposed agreement, PPR will commence a tender offer for all of the outstanding shares of Volcom for $24.50 per share in cash. In addition, certain Volcom directors and officers, who collectively own 14.4% of the Companya™s outstanding shares, have agreed to tender all of their shares in the tender offer.

The investigation concerns whether Volcoma™s board of directors failed to adequately shop the Company and obtain the best price possible for Volcoma™s shareholders before entering into the agreement with PPR.

As recent as February 24, 2011, Volcom announced its financial results for the 2010 fourth quarter and full year wherein Volcom reported total consolidated revenues increased 22.4% for the fourth quarter of 2010 and full-year consolidated revenue grew 15.2%. The Companya™s Chairman and CEO, Richard Woolcott, commented: aOur results for the fourth quarter and full year were on target and reflect a commendable year for the Volcom and Electric teams[.] We made significant gains throughout 2010 driving revenue growth and capturing market share for our brands on a global basis as we further positioned ourselves to compete in the years ahead. Volcom and Electric have solid growth opportunities that are achievable and centered on our abilities to develop innovative, quality products rooted in our heritage sports and lifestyle. As we attack 2011, I am confident in our plan and very proud of our dedicated and growing team.a Indeed, according to Yahoo! Finance, at least one analyst has set a price target of $25.00 per share for Volcom stock.

If you own the common stock of Volcom and purchased your shares before May 2, 2011, 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 [ info@rigrodskylong.com ].

[ 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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