Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Bway Holding Company - BWY
March 29 2010 - 11:11AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Bway Holding Company (“Bway” or the “Company”) (NYSE: BWY) for
possible breaches of fiduciary duty and other violations of state
law in connection with their attempt to sell the Company to Madison
Dearborn Partners, LLC ("MDP"). Under the terms of the transaction,
Bway shareholders will receive $20.00 in cash for each Bway share
of common stock they own for a total transaction value of
approximately $915 million, including the assumption of debt.
For the year ending September 27, 2009, Bway reported gross
profit of $148.9 million and net income of $23.5 million as
compared to gross profit and a net loss of $128.915 million and
$3.141 million, respectively, for the prior year. The investigation
concerns whether the Bway Board of Directors breached their
fiduciary duties to Bway stockholders by failing to adequately shop
the Company before entering into this transaction and whether MDP
is underpaying for Bway shares, thus unlawfully harming Bway
stockholders. In particular, Bway stock traded in excess of $20.00
per share as recently as January 5, 2010, at least one analyst set
a price target for Bway stock at $27.00 per share and the median
price target set by eight analysts is $21.50 per share.
If you own common stock in Bway and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/bwy1.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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