Rigrodsky & Long, P.A. Investigates Buyout of California Pizza Kitchen, Inc. for Shareholders

WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of California Pizza Kitchen, Inc. (“CPK” or the “Company”) (Nasdaq: CPKI) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired and taken private by Golden Gate Capital in a transaction valued at approximately $470 million.

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Under the proposed agreement, Golden Gate Capital will commence a tender offer for all of the outstanding shares of CPK for $18.75 per share in cash. In addition, Co-CEOs Rick Rosenfield and Larry Flax, COO/CFO Susan Collyns and Chief Communications Officer Sarah Goldsmith-Grover of California Pizza Kitchen, who together with their affiliates own in the aggregate approximately 11% of the Company's outstanding shares, have entered into agreements pursuant to which they will tender their shares into the offer.

The investigation concerns whether CPK’s board of directors adequately shopped the Company to obtain the best price possible for CPK’s shareholders before entering into the agreement with Golden Gate Capital. Indeed, according to Yahoo! Finance, at least one analyst has set a price target of $24.00 per share for CPK stock.

If you own the common stock of CPK and purchased your shares before May 25, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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