Law Firm Brower Piven Announces Investigation of 99 Cents Only Stores

The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of 99 Cents Only Stores (“99 Cents Only Stores”) (NYSE: NDN) and other violations of state law by the board of directors of 99 Cents Only Stores relating to the proposed acquisition of the company by affiliates of Ares Management LLC (“Ares”) and Canada Pension Plan Investment Board (“CPPIB”). The firm’s investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value.

On October 11, 2011, 99 Cents Only Stores announced that it has entered into a definitive agreement to be acquired by affiliates of Ares and CPPIB for $22.00 per share in cash, in a transaction with a total equity value of approximately $1.6 billion. According to the press release, this offer represents a 32% premium over 99 Cents Only Stores’ closing price on March 10, 2011, the day before 99 Cents Only Stores announced that it had received an acquisition proposal. However, according to Yahoo! Finance, at least one analyst has set a high price target of $24.50 per share. Moreover, the press release states that members of the Gold/Schiffer family have already entered into a voting agreement in support of the transaction, while Eric Schiffer (CEO), Jeff Gold (President and COO), and Howard Gold (EVP) will continue in their current leadership roles at the company and will serve as directors.

If you currently own shares of 99 Cents Only Stores and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [e-mail], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.