The complaint charges PCC and certain of its current and/or former directors with violations of the Securities Exchange Act of 1934 ("1934 Act"). 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 (the "Acquisition"). 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 "Proxy"). 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.
Robbins Geller is widely recognized as one of the leading law firms advising U.S. and international institutional investors in securities litigation and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history and was ranked first in both the total amount and number of shareholder class action recoveries in ISS's SCAS Top 50 Report for the last two years. Robbins Geller attorneys have shaped the law in the areas of securities litigation and shareholder rights and have recovered tens of billions of dollars on behalf of the Firm's clients. Robbins Geller not only secures recoveries for defrauded investors, it also strives to implement corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit www.rgrdlaw.com for more information.
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SOURCE Robbins Geller Rudman & Dowd LLP