More law firms have issued press releases announcing that they are investigating whether the Anderson family’s $3.05 per share offer for Books-A-Million is a breach of fiduciary duty; the releases also asks shareholders to contact the firms. Meanwhile, ZPR Investment Management, which owns about 300,000 shares, told The Wall Street Journal that they believe the offer “undervalues” the book retailer. While the Andersons said the offer represented a 20% premium over the stock price on April 27, the day before the offer, the $3.05 bid is 15 cents per share lower than what BAM’s stock was trading at on March 30.