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Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Wesco Financial ...

Date : 09/01/2010 @ 11:35AM
Source : Business Wire
Stock : Wesco Financial Corp. Common Stock (WSC)
Quote : 384.5  0.0 (0.00%) @ 2:05AM
Wesco Financial share price Chart

Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Wesco Financial ...

Wesco Financial (AMEX:WSC)
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Levi & Korsinsky is investigating the Board of Directors of Wesco Financial Corp. (“Wesco or the “Company”) (AMEX: WSC) for possible breaches of fiduciary duty and other violations of state law in connection with the receipt of a proposal from Berkshire Hathaway Inc. ("Berkshire Hathaway") (NYSE: BRK). Under the terms of the proposal, Berkshire Hathaway will purchase the 19.9% of Wesco shares it does not presently own in exchange for Berkshire Hathaway Class B shares and/or cash valued at the book value of Wesco shares. For the most recent quarter, the Company reported a book value of $352.66 per share.

The investigation concerns whether the Wesco Board of Directors breached their fiduciary duties to Wesco stockholders by failing to adequately shop the Company before entering into this transaction and whether Berkshire Hathaway is underpaying for Wesco shares, thus unlawfully harming Wesco stockholders. In particular, Wesco shares have traded as high as $407.66 as recently as April 29, 2010.

If you own common stock in Wesco and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/wesco.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.



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