CINCINNATI, Feb. 28, 2012 (GLOBE NEWSWIRE) -- Attorney Advertising. The law firm of Statman, Harris & Eyrich, LLC announced today that it is investigating potential direct shareholder claims and/or breach of fiduciary duties by the Board of Directors of Kenneth Cole Productions, Inc. ("Kenneth Cole" or the "Company") concerning the acquisition proposal from the Company's Chairman and CEO Kenneth D. Cole. Mr. Cole owns approximately 47% of the outstanding shares of KCP common stock, representing approximately 89% of the voting power.
Under the acquisition proposal, shareholders will receive $15.00 in cash for each share of KCP common stock. The firm's investigation centers on (i) whether the board diligently conducted an adequate sale process prior to agreeing to the proposal; (ii) whether KCP shares are undervalued in the proposed transaction; and (iii) whether the proposed transaction undervalues the Company to the detriment of its shareholders.
The investigation seeks to determine whether the price offered is below the inherent value of Kenneth Cole Production, Inc. stock. Current shareholders of KCP stock may have a claim against the Company and are encouraged to contact attorney Brian Giles at (513) 345-8181 or at classaction@statmanharris.com for further information about this investigation without any obligation or cost to you.
Statman, Harris & Eyrich, LLC, which has significant experience in class actions, has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio. www.statmanharris.com