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Mon, February 7, 2011
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The Law Office of Abe Shainberg Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of Smurfit-Ston
NEW YORK--([ BUSINESS WIRE ])--The Law Office of Abe Shainberg is investigating the Board of Directors of Smurfit-Stone Container Corporation (aSmurfit-Stonea or the aCompanya) (NYSE: SSCC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to RockTenn (NYSE: RKT). Under the terms of the transaction, Smurfit-Stone shareholders will receive 0.30605 shares of RockTenn common stock and $17.50 in cash, for an aggregate value of $35 per Smurfit-Stone common stock. The transaction has a total value of approximately $3.5 billion.
The investigation concerns whether the Smurfit-Stone Board of Directors breached their fiduciary duties to Smurfit-Stone stockholders by failing to adequately shop the Company before entering into this transaction and whether RockTenn is underpaying for Smurfit-Stone shares. Shareholders holding approximately 9% of Smurfit-Stone stock have announced their disappointment with the terms of the deal and their intention to vote against the merger. They believe the deal "substantially undervalues" Smurfit-Stone and point out that it appears that Smurfit-Stone did not run a sale process.
If you own common stock in Smurfit-Stone and wish to obtain additional information, please contact Abe Shainberg, Esq. either via email at [ as@ashainberglaw.com ] or by telephone at (212) 425-7286, or visit [ http://www.ashainberglaw.com/smurfit-stone.html ].
Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.