NEW YORK, Aug. 29, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Castle Brands Inc. ("Castle" or the "Company") (NYSE American: ROX) in connection with the proposed acquisition of the Company through a subsidiary of Pernod Ricard (OTCMKTS: PDRDF). Under the terms of the acquisition agreement, Castle shareholders will get $1.27 in cash, a pittance given the Company's premium spirits portfolio.
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WeissLaw is investigating whether Castle's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Specifically, analysts have recently upgraded Castle's stock with two analysts issuing a "Buy" rating. Additionally, the Company's Gosling's brand is the number one ginger beer in the US by volume.
Given these facts, WeissLaw is concentrating its investigation on whether the acquisition enhances shareholder value. Notably, Pernod Richard's Chairman and CEO Alexandre Richard said, "Through this acquisition we welcome this great brand portfolio, in particular, Jefferson's bourbon whiskey, to the Pernod Ricard family. Bourbon is a key category in the US which is our single most important market." WeissLaw is also concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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SOURCE WeissLaw LLP