The Law Office of Abe Shainberg Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of Smurfit-St...
04 Février 2011 - 7:36PM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of Smurfit-Stone Container Corporation (“Smurfit-Stone”
or the “Company”) (NYSE: SSCC) for possible breaches of fiduciary
duty and other violations of state law in connection with the sale
of the Company to RockTenn (NYSE: RKT). Under the terms of the
transaction, Smurfit-Stone shareholders will receive 0.30605 shares
of RockTenn common stock and $17.50 in cash, for an aggregate value
of $35 per Smurfit-Stone common stock. The transaction has a total
value of approximately $3.5 billion.
The investigation concerns whether the Smurfit-Stone Board of
Directors breached their fiduciary duties to Smurfit-Stone
stockholders by failing to adequately shop the Company before
entering into this transaction and whether RockTenn is underpaying
for Smurfit-Stone shares. Shareholders holding approximately 9% of
Smurfit-Stone stock have announced their disappointment with the
terms of the deal and their intention to vote against the merger.
They believe the deal "substantially undervalues" Smurfit-Stone and
point out that it appears that Smurfit-Stone did not run a sale
process.
If you own common stock in Smurfit-Stone and wish to obtain
additional information, please contact Abe Shainberg, Esq. either
via email at as@ashainberglaw.com or by telephone at (212)
425-7286, or visit
http://www.ashainberglaw.com/smurfit-stone.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various
matters nationwide. Attorney advertising. Prior results do not
guarantee similar outcomes.
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