NEW YORK, Oct. 17, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Edgen Group Inc. ("Edgen" or the "Company") (NYSE:EDG) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Sumitomo Corporation. A complaint was filed in Louisiana District Court.
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Under the terms of the transaction, Edgen shareholders will receive $12.00 for each share of Edgen stock they own. The transaction has a total approximate value of $520 million. The claims concern whether the Edgen Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Sumitomo Corporation is underpaying for Edgen shares. In particular, at least one analyst set a price target of $15.00 per share of Edgen.
If you own Edgen common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/edgen-group-edg/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP