Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Gander Mountain Company
BENSALEM, Pa.-(Business Wire)-September 29, 2009 - Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Gander Mountain Company (“Gander Mountain” or the “Company”) (Nasdaq:GMTN), related to the Company’s announcement of its intent to cease its public company status and go private.
In order to deregister its shares of common stock, in accordance with SEC rules and regulations, Gander Mountain will reduce its number of beneficial shareholders to below 300. To accomplish this, the board of directors has approved an amendment to the Company's articles of incorporation to effect a 1-for-30,000 reverse stock split of its common stock. After the reverse stock split, any shareholder holding less than one share will receive a cash payment of $5.15 for each share held prior to the reverse split. Immediately following the reverse stock split, the Company will file a second amendment to its articles of incorporation to effect a 30,000-for-1 forward stock split. As a result, shareholders owning 30,000 or more shares of common stock at the time of the reverse split will retain their current numbers of shares of common stock without change and not receive cash in the transaction. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to approval of the going-private transaction by the Gander Mountain board of directors.
If you own shares of Gander Mountain Company, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com.
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