NEW YORK, July 12, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Steinway Musical Instruments, Inc. ("Steinway" or the "Company") (NYSE:LVB) 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 an affiliate of Kohlberg & Company. A complaint was filed in Delaware state court.
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Under the terms of the transaction, Steinway shareholders will receive $35.00 for each share of Steinway stock they own. The transaction has a total approximate value of $438 million. The claims concern whether the Steinway Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether Kohlberg & Company is underpaying for Steinway, thus unlawfully harming Steinway shareholders.
If you own common stock in Steinway and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/steinway-musical-lvb/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey 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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. 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