Business
LAWSUIT ALERT: Andrews & Springer LLC Announces That a Law Firm Has Filed a Class Action Lawsuit Against Schuff International, Inc. - SHFK
LAWSUIT ALERT: Andrews & Springer LLC Announces That a Law Firm Has Filed a Class Action Lawsuit Against Schuff International, Inc. - SHFK.
About this update from Dbm Global Inc
[{"type":"text","content":"\nWILMINGTON, Del., Nov. 7, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a class action lawsuit has been filed on behalf of stockholders of Schuff International, Inc. (OTC:SHFK) (\"Schuff\" or the \"Company\") seeking to challenge the Company's recently announced merger.\n\n\tIf you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates. \n\n\tNO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. \n\n\tOn August 20, 2014, Schuff and its corporate parent and controlling shareholder HC2 Holdings, Inc. (\"HC2\") announced the commencement of a tender offer where HC2 would acquire all the remaining shares of Schuff for $31.50 per share in cash. HC2 is run by Philip Falcone, an investor who the U.S. Securities and Exchange Commission (\"SEC\") last year accused of manipulating the stock market. Mr. Falcone has since been barred from the securities industry for five (5) years. \n\n\tHC2's $31.50 tender offer substantially undervalued the Company. A report issued on ValueWalk on September 2, 2014 criticizes the unfairness of the deal and accuses Mr. Falcone of \"taking unfair advantage\" of Schuff. The report can be found here. According to the report, conservative valuations for Schuff range from $57-$101 per share – roughly 80% to 220% more than what HC2 had offered.   \n\n\tAt the time the tender offer was announced, the $31.50 consideration represented just a 1.6% premium. As of yesterday, November 6, 2014, that premium no longer exists. Schuff closed at $32.81 per share, approximately $1.31 per share more than what HC2 was offering.\n\n\tOn October 7, 2014, the tender offer ended. HC2 was only able to acquire 89% of Schuff's outstanding common stock and indicat...