Zoe’s Kitchen, Inc. (NYSE: ZOES) Investor Lawsuit Filed Against Acquisition

Investors who purchased shares of Zoe’s Kitchen, Inc. (NYSE: ZOES) and currently hold any of those NYSE: ZOES shares have certain options and should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Zoe's Kitchen
Case Name: 
Zoe's Kitchen Deal Case
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: ZOES
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Summary: 

An investor, who currently holds shares of Zoe’s Kitchen, Inc. (NYSE: ZOES), filed a lawsuit against the takeover of Zoe’s Kitchen, Inc.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: ZOES stockholders by agreeing to sell Zoe’s Kitchen, Inc. cheaply via an unfair process.

On August 17, 2018, Zoe's Kitchen, Inc. (NYSE: ZOES) announced that it has entered into an agreement to be acquired in a transaction by privately held Cava Group, Inc..
Under the terms of the agreement, Zoe's Kitchen, Inc. (NYSE: ZOES) shareholders will receive $12.75 in cash for each share of common stock they hold.

However, plaintiff claims that the proposed consideration NYSE: ZOES shareholders will receive is grossly inadequate and undervalues Zoe's Kitchen, Inc. Indeed, at least one analyst has set the high target price for NYSE: ZOES shares at $13.00 per share. Zoe's Kitchen, Inc. reported that its annual Total Revenue rose from $275.96 million in 2016 to $314.1 million in 2017. Shares of Zoe's Kitchen, Inc. (NYSE: ZOES) reached as high as $45.40 per share in July 2015. In addition, the plaintiff alleges that the process is also unfair NYSE: ZOES stockholders