Cases
Precision Castparts Corporation (NYSE : PCP)
Merger
Overview
Overview
- Date:
- 9/6/2016
- Company Name:
- Precision Castparts Corporation
- Stock Symbol:
- PCP
- Company Name - Buyer:
- Berkshire
- Class Period:
- FROM 10/9/2015
- Status:
- Closed/Complete
- Merger Announcement Date:
- 8/10/2015
- Court:
- U.S. District Court: Oregon
NEW YORK, September 6, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Oregon District Court on behalf of all persons or entities who held Precision Castparts Corporation (NYSE: PCP) securities on October 9, 2015 (the “Class Period”).
The complaint charges Precision Castparts Corp. (“PCC”) and certain of its current and/or former directors with violations of the Securities Exchange Act of 1934. PCC produced investment castings, forgings and fasteners for aerospace, power and general industrial customers.
On August 10, 2015, PCC and Berkshire jointly announced that they had entered into a definitive merger agreement, whereby Berkshire undertook to acquire each share of PCC stock for just $235 in cash per share. After the closing of the Acquisition on January 29, 2016, each holder of PCC common stock received $235 in cash per share and all outstanding shares of PCC were cancelled. The Company continues to do business under the Precision Castparts name as a wholly-owned subsidiary of Berkshire.
On October 13, 2015, in an attempt to secure approval for the Acquisition, defendants issued a Definitive Proxy Statement. The complaint alleges that the Proxy contained numerous materially misleading statements or omissions in violation of §§14(a) and 20(a) of the 1934 Act. Most importantly, the Proxy misled the Company's stockholders as to the value of their shares and the future profitability of the Company. These defects in the Proxy prevented the Company's shareholders from making a fully informed decision on how to vote on the Acquisition and caused them to suffer damages.
Plaintiff seeks damages on behalf of holders of PCC common stock on October 9, 2015. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
If you held PCC securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint charges Precision Castparts Corp. (“PCC”) and certain of its current and/or former directors with violations of the Securities Exchange Act of 1934. PCC produced investment castings, forgings and fasteners for aerospace, power and general industrial customers.
On August 10, 2015, PCC and Berkshire jointly announced that they had entered into a definitive merger agreement, whereby Berkshire undertook to acquire each share of PCC stock for just $235 in cash per share. After the closing of the Acquisition on January 29, 2016, each holder of PCC common stock received $235 in cash per share and all outstanding shares of PCC were cancelled. The Company continues to do business under the Precision Castparts name as a wholly-owned subsidiary of Berkshire.
On October 13, 2015, in an attempt to secure approval for the Acquisition, defendants issued a Definitive Proxy Statement. The complaint alleges that the Proxy contained numerous materially misleading statements or omissions in violation of §§14(a) and 20(a) of the 1934 Act. Most importantly, the Proxy misled the Company's stockholders as to the value of their shares and the future profitability of the Company. These defects in the Proxy prevented the Company's shareholders from making a fully informed decision on how to vote on the Acquisition and caused them to suffer damages.
Plaintiff seeks damages on behalf of holders of PCC common stock on October 9, 2015. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
If you held PCC securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.