December 17, 2014
Bernstein Liebhard LLP is investigating whether the Board of Directors of PetSmart, Inc. (“PetSmart” or the “Company”) (NASDAQ: PETM) breached its fiduciary duty to its shareholders in agreeing to sell PetSmart to a consortium led by BC Partners, Inc. The consortium includes Funds advised by BC Partners (“the BC Funds”), alongside several of its limited partners, including La Caisse de dépôt et placement du Québec (“La Caisse”) and StepStone.
Under the terms of the agreement, PetSmart shareholders will receive $83.00 in cash for each share they own. The investigation is focused on the potential unfairness of the price to PetSmart shareholders and the process by which the PetSmart Board of Directors considered and approved the transaction.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last twelve years.