Pep Boys Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of The Pep Boys - Manny, Moe & Jack Concerning the Going Private Sale of Pep Boys to The Gores Group

DALLAS, Jan. 30, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of The Pep Boys – Manny, Moe & Jack ("Pep Boys" or "PBY") (NYSE: PBY) to The Gores Group.  Under the proposed going private transaction, Pep Boys shareholders will receive only $15.00 in cash for each share of Pep Boys/PBY stock owned, which is substantially less than the target price for PBY recently announced by analysts.

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If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected].  There is no cost or fee to you.

The definitive acquisition agreement involves an all cash transaction with a total enterprise value of approximately $1 billion.  The deal is expected to close in the second fiscal quarter of 2012.

The investigation centers on whether Pep Boys shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Pep Boys' stock, and whether Pep Boys' board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal.  According to shareholder rights attorney Willie Briscoe, "Although the acquisition price represents an approximate 24% premium over the closing price of Pep Boys shares the day prior to the buyout announcement, Pep Boys shares closed at $14.67 per share as recently as February 2011.  Further, according to Yahoo! Finance, at least one analyst has projected that the true going forward value of Pep Boys shares is at least $17 per share.  Based on these and other factors, we are investigating whether the transaction undervalues Pep Boys stock.  Our lawsuit will seek to obtain the highest share price for all shareholders."

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE Powers Taylor, LLP

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