Faruqi & Faruqi, LLP Announces Investigation of McCormick & Schmick's Seafood Restaurants, Inc. (MSSR)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of McCormick & Schmick’s Seafood Restaurants, Inc. (“McCormick & Schmick’s” or the “Company”) (NASDAQ: MSSR) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Landry’s MSA Co., Inc. in an all-cash deal valued at about $132 million. Under the terms of the proposed transaction, McCormick & Schmick’s stockholders will receive $8.75 in cash for each share of McCormick & Schmick’s common stock they own. The proposed transaction is structured as a tender offer and may be effectuated without a shareholder vote.
Whether McCormick & Schmick’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 the proposed transaction undervalues McCormick & Schmick’s shares and by how much this proposed transaction undervalues the Company to the detriment of McCormick & Schmick’s shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
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