Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Wesco Financial ...
September 01 2010 - 11:35AM
Business Wire
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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