Brower Piven Announces Class Action Lawsuit in Connection With Claims of Breaches of Fiduciary Duty by the Board of Directors...
28 Fevereiro 2014 - 2:10PM
The securities litigation firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the Northern
District of Texas on behalf of all common stockholders of Texas
Industries, Inc. ("TXI" or the "Company") (NYSE:TXI) asserting
claims that the members of the Company's board of directors have
breached fiduciary duties they owe to TXI shareholders.
TXI recently announced that it has entered into a definitive
merger agreement to be acquired by Martin Marietta Materials, Inc.
("MLM") (NYSE:MLM). The claims asserted in the lawsuit concern
whether the TXI Board of Directors breached their fiduciary duties
to stockholders by failing to maximize shareholder value before
agreeing to enter into this transaction, and whether MLM is
underpaying for TXI shares.
According to the complaint, under the terms of the proposed
transaction, TXI shareholders will receive 0.7 shares of MLM in
exchange for each share of TXI they own. Based on the closing
price of MLM shares on January 27, 2014, this represents a value of
approximately $71.95 per share. According to Yahoo! Finance, at
least one analyst following TXI has set a target price of $80.00
per share.
If you currently own common stock of TXI and would like to learn
more about the lawsuit, 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
hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower
Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson,
Maryland 21153. The senior attorneys at Brower Piven have combined
experience litigating securities and other class action cases of
over 100 years.
CONTACT: Brower Piven, A Professional Corporation
Stevenson, Maryland
Charles J. Piven, 410-415-6616
hoffman@browerpiven.com
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