Faruqi & Faruqi, LLP is Investigating Sealy Corporation on Behalf of its Shareholders (ZZ)
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws, is investigating potential wrongdoing at Sealy Corporation (“Sealy” or the “Company”) (NYSE: ZZ). The investigation focuses on whether certain of Sealy’s officers and directors have breached their fiduciary duties by granting its largest shareholder, Kohlberg Kravis Roberts & Co. (“KKR”), improper influence and control over the Company.
Sealy’s KKR dominated board has approved over $20 million in payments to KKR since 2006 and continues to pay consulting fees and issue false and misleading statements about the Company’s ongoing payments to KKR. Board members have failed to disclose information about both the nature of KKR’s relationship with the Company and the provision of large payments to KKR by the Company. These payments have continued in the face of dismal financial results. Sealy has lost 90 percent of its common stock value, or $1.3 billion, since its initial public offering in 2006, yet KKR continues to be paid monies which offset its shareholder losses, a luxury not available to Sealy’s other shareholders.
If you hold Sealy shares and you would like to discuss your legal rights, contact us by calling Michael J. Hynes, Esq. toll free at 877-247-4292 or at 215-277-5770 or by sending an e-mail to firstname.lastname@example.org.
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Faruqi & Faruqi, LLP
101 Greenwood Avenue Suite 600
Jenkintown, PA 19046
Tel: (215) 277-5770
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