NEW YORK, Aug. 25, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Schuff International, Inc. (OTC: SHFK) ("Schuff" or the "Company") on behalf of its shareholders. HC2 Holdings, Inc. ("HC2") announced the commencement of a tender offer for all of the outstanding shares of common stock of Schuff that it does not already own for $31.50 per share. HC2 currently owns 70% of the outstanding shares of common stock of Schuff.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of HC2 and Schuff for not acting in Schuff shareholders' best interests in connection with the sale process of Schuff. The investigation seeks to determine if there was an adequate auction process and if HC2 is underpaying for Schuff shares. Indeed, Schuff recently traded ABOVE the takeover offer ($32.11), and is barely above the company's book value ($24.74). The investigation also seeks to determine whether there were any conflicts of interest on the part of the senior management of Schuff and HC2 in selling the Company.
If you are a shareholder of Schuff and would like additional information as to how the acquisition may affect your rights as a shareholder, please call us at no cost at:
Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.
SOURCE Tripp Levy PLLC