Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Quixote Corp. - QUIX
December 31 2009 - 9:34AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Quixote Corp. (“Quixote” or the “Company”) (NasdaqGM: QUIX) for
possible breaches of fiduciary duty and other violations of state
law in connection with their attempt to sell the Company to Trinity
Industries, Inc. (Trinity") (NYSE: TRN). Under the terms of the
deal, Quixote shareholders are to receive $6.38 in cash for each
share of Quixote common stock they own for a total transaction
value of approximately $61 million.
The investigation concerns whether the Quixote Board of
Directors breached their fiduciary duties to Quixote stockholders
by failing to adequately shop the Company before entering into this
transaction and whether Trinity is underpaying for Quixote shares,
thus unlawfully harming Quixote stockholders. The offer price is
below the 52-week high for Quixote shares and the $61 million
transaction value is substantially below the Company's revenues of
$95.82 million for the last twelve months.
If you own common stock in Quixote and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/quix1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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