San Diego, CA -- (ReleaseWire) -- 06/16/2014 -- An investigation for long-term investors in NYSE:WTW shares over potential breaches of fiduciary duties by certain Weight Watchers directors and officers was announced.
Investors who purchased their shares of Weight Watchers International, Inc. (NYSE:WTW) in early 2012 or earlier and currently hold any of their NYSE:WTW share, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns, among other things, whether certain Weight Watchers International officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On February 14, 2012, Weight Watchers International, Inc. announced that it planned to launch a “modified Dutch auction” tender offer the following week for up to $720 million of its common stock with a price range between $72 and $83 per share, and that it separately had agreed to purchase shares held by its controlling shareholder, Artal Group, S.A., at the same price paid in the tender offer. The tender offer closed on March 22, 2012.
On April 9, 2012, per the terms of the tender offer, Artal Group, S.A., sold 9.5 million shares at $82 per share, for total proceeds of $779 million.
On August 1, 2013, Weight Watchers International, Inc announced its second quarter 2013 financial results and revived its fiscal 2013 guidance. In a separate filing with the SEC Weight Watchers International, Inc announced that David Kirchhoff notified the board of directors of Weight Watchers International, Inc of his resignation as Chief Executive Officer and as a director of the Company, effective July 30, 2013, in order to pursue other opportunities.
Then on October 30, 2013, Weight Watchers International, Inc announced its results for the third quarter of fiscal 2013, disclosing that year-over-year quarterly revenues had declined 8.5% and that quarterly net income had decreased by 10.5% and fully-diluted quarterly earnings per share had declined 11.2% from the same period the prior year. In addition, Weight Watchers International, Inc announced that it had indefinitely suspended its dividend.
Shares of Weight Watchers International, Inc. declined from $80.73 per share in early 2012 to $32.11 per share on October 31, 2013 and continued to decline to as low as $19.63 per share on March 25, 2014.
O June 13, 2014, NYSE:WTW shares closed at $22.33 per share.
Those who purchased shares of Weight Watchers International, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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