NEW YORK, Oct. 24, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Ashworth Inc. ("Ashworth" or the "Company") (Nasdaq:ASHW) arising out of their attempt to sell the Company to the golf division of Adidas ("Adidas"). Under the terms of the agreement, Ashworth shareholders will receive $1.90 in cash per share, for a total sale price of approximately $26.5 million. The price is unfair given that the Company's shares closed at $3.00 as recently as October 3, 2008 and the Company has a book value of $5.58 per share. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in Ashworth and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/ashw.html
Levi & Korsinsky has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.