CKE Restaurants, Inc. Investor files lawsuit against CKR Board of Directors

“ Lawsuit on behalf of investors of CKE Restaurants, Inc. (Public, NYSE:CKR) shares over possible breach of fiduciary duty by the CKE Restaurants board of directors – Contact the Shareholders Foundation ”

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(eTradeWire.Org) – An investor filed in State Court on behalf of current investors in CKE Restaurants, Inc. (NYSE:CKR), who purchased their BNE shares before February 26, 2010, over alleged breach of their fiduciary duties.

Those who currently are investors in shares of CKE Restaurants, Inc. (NYSE:CKR) and purchased their CKR shares before February 26, 2010, should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

On Friday, Feb 26, 2010 CKE Restaurants, Inc. (NYSE:CKR) and Thomas H. Lee Partners announced that they have entered into a definitive merger agreement under which Thomas H. Lee Partners will acquire CKE Restaurants for approximately $928 million, including the assumption of approximately $309 million of net debt. Under the terms of the agreement, CKE stockholders will receive $11.05 in cash for each share of CKE common stock they hold. According to CKE Restaurants, Inc the offer represents a 24% premium to its closing share price on February 25, 2010 and a 29% premium to the Company's volume weighted average closing share price of approximately $8.60 during the 30 trading days ended February 25, 2010.

But shares of CKE Restaurants, Inc. (CKR) traded after the news at $11.20 per share, and were down from $13.54 in September ’08 and $22.95 in June 2007.

According to the complaint the plaintiff alleges, among other things, that the offer “substantially undervalues CKE”, and the offered “price was achieved through a poorly-motivated and flawed sale process during which the CKE Board made no meaningful attempt to generate interest from strategic buyers or otherwise maximize the value of a sale for CKE’s shareholders.”

Those who currently are investors in shares of CKE Restaurants, Inc. (NYSE:CKR) and purchased their CKR shares before February 26, 2010, should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.