The Law Office of Abe Shainberg Announces an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Wesco...
September 03 2010 - 10:40AM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of Wesco Financial Corp. (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. (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.
Wesco shares have traded as high as $407.66 as recently as April
29, 2010, and, for the most recent quarter, reported a book value
of $352.66 per share.
If you own common stock in Wesco 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/wesco.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.
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