NEW YORK, Oct. 22, 2013 (GLOBE NEWSWIRE) -- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is reviewing claims against the Board of Directors of Edgen Group Inc. ("Edgen" or the "Company") (NYSE:EDG) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Japan's Sumitomo Corporation in a cash deal valued at approximately $520 million. Under the terms of the proposed transaction, Edgen's stockholders will receive $12.00 for each share of Edgen common stock they own. Meanwhile, According to Yahoo! Finance, at least one analyst has set a price target of $15.00 for the Company. A complaint was filed in Louisiana District Court.
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The complaint focuses on whether Edgen's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Edgen's shareholders.
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If you own common stock in Edgen and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/EDG or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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CONTACT: Faruqi & Faruqi, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Juan E. Monteverde, Esq. firstname.lastname@example.org Toll Free: (877) 247-4292 Phone: (212) 983-9330Source:Faruqi & Faruqi LLP